Na today? Albert Okumagba and his fellow journey men in the industry have simply been taking the porousness of our Regulatory bodies and systems, the gullibility of Nigerians and and the lack of checks and balances in the financial sector of Nigeria for granted. These boys have simply been doing yahoo yahoo business with investors money for such a long time and stealing investors blind! The only difference between them is their registered corporate names, offices and fancy image. They are all criminals i tell you.

my worry is that as it is common here, Albert Okumagba will only get a slap on the wrist for his crimes and afterwards he will relocate his family abroad to go and enjoy the money he has been stashing away all the while. Does Nigeria really know how to look for stolen funds stashed away abroad?

If Buhari is serious about reducing the external debt burden of Nigeria, he should simply investigate the finances of Bank and MDs, past and current serving politicians and oil marketers. He will find more than enough money to repay our debts and still have change to buy sufficient koboko to flog all those corrupt Nigerians @ 50 kobokos to 1 person.

The losers are going to be their staff and not the owners or top level management.

pro2010:

Not all MDs as you noted Bro. Basically Asset management arm. Though there are occasional cases of sale of clients stocks without their authorization and besides who regulates Asset management?

You know for Asset Mgt: Discretionary trading is valid as contained in the document signed by the Investor, but issues arises when the Management fee is being debited from source notwithstanding the decline in the initial capital.

SEC regulates everything. Even Registrars.

davide470:
You know for Asset Mgt: Discretionary trading is valid as contained in the document signed by the Investor, but issues arises when the Management fee is being debited from source notwithstanding the decline in the initial capital.

SEC regulates everything. Even Registrars.

My question was rhetoric.
Am not talking about the issues arising from deduction of Management fee and contractual portfolio management. Most of the cases in my involvements has been the inability of some Financial houses to meet up with the obligations to clients timely (am talking about up to 3months after maturity) and sale of dormant clients stock without there authorization. Talking about Asset management, plenty Investment houses operate like a Ponzi scheme.
How does SEC monitor activities of the Asset management Arm of Investment houses?
Note that this question is not rhetoric. cheers!

ideylaff:


Gwarzo is the executive Head. Peter Obis role is more ceremonial /advisory

Yes I know.... You need to direct your post at the person I quoted initially!

kamber:
Na today? Albert Okumagba and his fellow journey men in the industry have simply been taking the porousness of our Regulatory bodies and systems, the gullibility of Nigerians and and the lack of checks and balances in the financial sector of Nigeria for granted. These boys have simply been doing yahoo yahoo business with investors money for such a long time and stealing investors blind! The only difference between them is their registered corporate names, offices and fancy image. They are all criminals i tell you.

my worry is that as it is common here, Albert Okumagba will only get a slap on the wrist for his crimes and afterwards he will relocate his family abroad to go and enjoy the money he has been stashing away all the while. Does Nigeria really know how to look for stolen funds stashed away abroad?

If Buhari is serious about reducing the external debt burden of Nigeria, he should simply investigate the finances of Bank and MDs, past and current serving politicians and oil marketers. He will find more than enough money to repay our debts and still have change to buy sufficient koboko to flog all those corrupt Nigerians @ 50 kobokos to 1 person.

LOL at last paragraph.

I see why my applications haven't been successful. . .Oh well,Unto the next one!

pro2010:

Most of the cases in my involvements has been the inability of some Financial houses to meet up with the obligations to clients timely (am talking about up to 3months after maturity) and sale of dormant clients stock without there authorization

Asset Management in Nigeria is really daunting, as the liquidity needed is not so much forthcoming, so mostly what is done is just 'Ponzi-ing" except you got the float which BGL had before 'Oga' decided to be greedy. It's not easy sha, but there are always performers!

pro2010:


How does SEC monitor activities of the Asset management Arm of Investment houses?
Note that this question is not rhetoric. cheers!

Guys in Internal Control would give you a perfect answer, but i know there are daily, weekly, quarterly reports being sent. So SEC is all-knowing.

90% of the guys on this thread are intelligent, feels like NL of old. Best thread ever!

davide470:
Asset Management in Nigeria is really daunting, as the liquidity needed is not so much forthcoming, so mostly what is done is just 'Ponzi-ing" except you got the float which BGL had before 'Oga' decided to be greedy. It's not easy sha, but there are always performers!

Guys in Internal Control would give you a perfect answer, but i know there are daily, weekly, quarterly reports being sent. So SEC is all-knowing.

You are informed Bro, Well done!

Bought Into Their Sapphire Fund Stuff About 5 Years Ago. To Date, Nothing Has Accrued To Me Off That Investment. The Office Were I Made The Application In Calabar Was Subsequently Shut Leaving Me With A Sorry Certificate

davide470:
So when i saw these today, i was not happy; not because of their suspension (it was deserved), but their staffs especially nairalanders. I wish you guys all the best.



Souce: http://www.thisdaylive.com/articles/sec-suspends-bgl-from-capital-market-operations/209883/

castrokins:
Bought Into Their Sapphire Fund Stuff About 5 Years Ago. To Date, Nothing Has Accrued To Me Off That Investment. The Office Were I Made The Application In Calabar Was Subsequently Shut Leaving Me With A Sorry Certificate

What does the certificate looks like? a copy would be good so as to guide you on what to do next.

[quote author=kamber post=33962977]Na today? Albert Okumagba and his fellow journey men in the industry have simply been taking the porousness of our Regulatory bodies and systems, the gullibility of Nigerians and and the lack of checks and balances in the financial sector of Nigeria for granted. These boys have simply been doing yahoo yahoo business with investors money for such a long time and stealing investors blind! The only difference between them is their registered corporate names, offices and fancy image. They are all criminals i tell you.

my worry is that as it is common here, Albert Okumagba will only get a slap on the wrist for his crimes and afterwards he will relocate his family abroad to go and enjoy the money he has been stashing away all the while. Does Nigeria really know how to look for stolen funds stashed away abroad?

kamber:
Na today? Albert Okumagba and his fellow journey men in the industry have simply been taking the porousness of our Regulatory bodies and systems, the gullibility of Nigerians and and the lack of checks and balances in the financial sector of Nigeria for granted. These boys have simply been doing yahoo yahoo business with investors money for such a long time and stealing investors blind! The only difference between them is their registered corporate names, offices and fancy image. They are all criminals i tell you.

my worry is that as it is common here, Albert Okumagba will only get a slap on the wrist for his crimes and afterwards he will relocate his family abroad to go and enjoy the money he has been stashing away all the while. Does Nigeria really know how to look for stolen funds stashed away abroad?

If Buhari is serious about reducing the external debt burden of Nigeria, he should simply investigate the finances of Bank and MDs, past and current serving politicians and oil marketers. He will find more than enough money to repay our debts and still have change to buy sufficient koboko to flog all those corrupt Nigerians @ 50 kobokos to 1 person.

So here are the top ten places GMB can get N1 trillion naira.

1.) Go to the 36 governors that served with Olusegun Obasanjo from 1999 - 2007. Offer them immunity from prosecution if they will all return N2.5 billion naira each for every four years in power. Those who spent eight years in office should return N5 billion each. After all, most of them were facing charges totaling over N100 billion before their files disappeared from the EFCC. That will give President Buhari N180 billion naira.

2.) Go to the 36 governors that served with Umaru Ya’Adua and Goodluck Jonathan from 2007 - 2015. Offer them immunity from prosecution if they will all return N5 billion naira each for every four years in power. Those who spent eight years in office should return N10 billion each. After all, most of them collected over N2.5 bn each year as security votes. That will give President Buhari N360 billion naira.

3. Get all former Directors of the NNPC in the last 16 years. Offer them immunity from prosecution if they will all return N1billion for every year they were directors. Having been part of an agency of the government that does not know how much oil the multinational corporations are drilling out each day and cannot account for the crude oil dedicated for domestic consumption, and have failed to report revenues from natural gas sales in years, they should each give the government N1 billion and we let bygone be bygone. This will give Buhari at least N100 billion.

3.) President Buhari should cancel all import waivers given to religious leaders in Nigeria for 2015. Nigeria lost billions of naira just on the waivers given to Pastors Adeboye, Oyedepo, Oritsejafor and their likes under the Obasanjo-Jonathan administration - waivers they used to import expensive cars and luxury goods. Who knows what the big Imams get in waivers? Right there, another N50 billion will be readily available.

4.) A 50% cut in the salaries and allowances of members of the Nigerian House of Representative. At $1.4 million each for 360 members, Buhari can easily get $252 million dollars, which is over N40 billion. In the senate, with 109 senators each making $1.7 million, a 50% cut in their pay package will give President Buhari over N14.8 billion naira.

5.) President Buhari should audit the record books of the government with oil importers. A good auditing firm will easily unearth stolen wealth of the nation. Past audits have shown substantial stealing on their part. In a 2012 audit conducted by Mr. Aigboje Aig-Imoukhuede of the subsidy claims of 2011, discovered that the Federal Government had overpaid importers and marketers of petrol by a whopping N430 billion naira. Of this amount, less than N30 billion was ever recovered. Since these so-called cabals are friends of every government in power, the president should just ask them to refund N300 billion and we will let bygones be bygone.

6.) The president should, as a matter of urgency, investigate and evaluate all workers associated with the importation of fuel into Nigeria. Those found wanting should be prosecuted and fired. A good investigation of their assets and accounts will recover at least N10 billion. The same thing should be done with staff of the NNPC, both those serving and the retired staff. A good investigation will net over N10 billion.

7.) Go to all the ministers who served from 1999-2015. Depending on the ministry they manned, how long they manned the ministry and the budget of each ministry, each minister would be assessed. A special surcharge of each minister could net the government another N50 billion.

8.) The security votes of all state governors should be cut by 50%. At an average of N300 million a month, it runs up to N3.6 billion for a year each. For the 36 state governors, that amount is N129.6 billion naira. A 50% cut will give President Buhari N64.8 billion a year.

9.) The president should close half of Nigerian missions abroad in a major scale back and find other countries to manage Nigeria’s consular affairs. That will save at least N10 billion.

10.) Along with that, the government will impose a significant luxury tax on people who own private jets, luxury boats and those who own houses worth over N0.5 billion naira. If you may, just call it one-time tax to help feed Nigerian public school children. Let us see the billionaire that will grumble about giving a little back to help educate the disadvantaged. That will bring in another N100 billion.

Putting the savings together, we have N1.19 trillion for the President. That will be enough seed money to give the incoming government a breathing room to assess the damage done to the economy in the last 16 years.

Alternatively, President Buhari could move in security forces to the Niger Delta and stop crude oil theft. Since 2009, crude oil thieves have been increasing the amount of Nigeria’s oil that they steal. According to the 2012 Ribadu Report, crude oil thieves steal over 100,000 barrels a day. That is over $3.6 billion dollars a year. Some foreign sources put the figure of oil theft at 250,000 barrels a day. Mrs. Okonjo-Iweala in 2013 told the Vanguard newspaper that the loss to oil theft could be up to $12 billion.

Now, that is over a trillion naira. QED!

Tvegas:


Jeezzz, my heart wan cut. Hope the investors still have other savings elsewhere. The impunity with wish the private placements were managed can only happen in Nigeria. My company also invested heavily in IGI BUT the Remi olowude guy acts as if they dont owe investors.

This is why SEC licensed NASD OTC market to facilitate trading in unquoted companies like IGI.

davide470:
BGL as a company was suspended from capital market activities, not delisted from the OTC Market. So sell pressure will definitely persists, but your friend's investment is not necessary tied to BGL.

The NASD OTC market was copied in the circular SEC sent out with respect with BGL. BGL's security trading on NASD OTC has been suspended along side their brokers trading on the NASD OTC market. We have a new SEC under gwarzo and as a result he had published a rule last month that all trades in unquoted companies must only be done on a SEC recognised platform such as the NASD OTC. The reports from the OTC market also assisted.

pro2010:

Ok lets wait and see.
Lets see how many Investments houses get axed by Gworza who according to you did not have the authority all those while. I tell you authoritatively that the management of a lot of investment houses in Nigeria are grossly mismanaging investors funds, and petitions upon petitions are gathering dust in SEC currently. I don't want people to lose confidence totally, else I would have sited over 50 cases that I am directly involved in. I just hope for Nigeria's sake that you are right about our DG. Cheers!

Bro, is ARM safe?

My "money market fund" investment with them must not enter voicemail oh

Hmmmmmm BGL.
No comment, expect more sha! Too many cowboys in the financial space.

pro2010:
You are informed Bro, Well done!

Compliments well received Sir. Cheers.

kilokeys:
when we mention stock market

i can only imagine stock fish in the market..


esp in a country like ours where council members of the NSE could manipulate prices for thier selfish gains if they wanted to.
a lot of diverted funds.

and little or nothing is done to protect investments of citizens..

but besides what is stock market when our industries are non existent?

Good points. I laughed when someone advised me to invest in naija's stock market. One is better off rolling dice or going to a casino with his or her money. The Nigerian economy is not mature enough. All we have are some sharp guys looking for quick bucks from gullible.
Until the infrastructure is built, we need not dream of making money on the stock market. There's a n invincible bottleneck weighing down our industrieS due to lack of infrastructure. This lack makes it impossible to project and forecast growth for the well managed companies with potential.
This is another example of how corruption and malfeasance has ruined the nation.

Ralphlauren:




Bro, is ARM safe?

My "money market fund" investment with them must not enter voicemail oh

Please pro2010, kindly answer this question, even if it is in a discreet way!!
Is ARM and Vetiva safe?

@Daykoozy
The market all over is like that. However, before investing you will have to do a lot of due diligence. Then understand the game. As it is a cool place to make money, so also it is a place where you can lose ALL.

na wa

DICKtator:



Please pro2010, kindly answer this question, even if it is in a discreet way!!
Is ARM and Vetiva safe?

Monitor your investments closely bro. In cases I have seen, investors who become dormant over a long period of time are often the victims. And don't mind me, I exaggerated a little bit earlier. Cheers!

pro2010:

Monitor your investments closely bro. In cases I have seen, investors who become dormant over a long period of time are often the victims. And don't mind me, I exaggerated a little bit earlier. Cheers!

Okay. Thanks bro.

pro2010:

Monitor your investments closely bro. In cases I have seen, investors who become dormant over a long period of time are often the victims. And don't mind me, I exaggerated a little bit earlier. Cheers!

Thank you!!!!

This got me cracking...

Daykoozy:

One is better off rolling dice or going to a casino with his or her money.

davide470:
What does the certificate looks like? a copy would be good so as to guide you on what to do next.

It is one of there mutual fund products. I have a stockbroking account with BGL which I transferred to CSL about 2 weeks ago due to poor customer service at BGL in the last 6 months.

My account officers advised me to buy some of their mutual funds, but I am not a mutual fund investor. I believe mutual funds is for the uninformed investors who do not have the knowledge and time to personally manage their investment.

As a matter of fact BGL securities is on of the top 10 stockbrokers in Nigeria, the problem is with the parent company is BGL group and the asset management subsidiary.

ElFenomeno1:
SEC need to soft pedal... The key thing here is to recover some or most of the investor's funds

BGL is finished no matter how you look at it .... From a reputation point of view or the tough sanctions already slammed on it!

I was in CSCS on Friday 22nd May 2015 and not less than 12 clients of BGL came to make inquiries on how to transfer there investment from a dead or inactive house. That mean SEC has now classified almighty BGL as a dead or inactive player in the Nigerian capital market.

davide470:
Asset management right? Funny thing is that BGL prior to suspension was frequently making Top 10 weekly.

BGL securities is one of the biggest stockbroking houses in Nigeria, it is the conglomerate or holding structure adopted by the BGL group that negatively affected BGL securities.

madjune:
I once lived next to one girl that worked at BGL and I mut say, I marveled at the pace she grew and the fast life she led.

The babe oozed so much money.

One week in Paris, next in New york and a home in Lekki. Gosh.
I'm sure she was amongst Albert Okumagba's favorites.
Albert's supposed to be in jail since 2005 when he and Ndi Okereke Onyiuke wrecked the capital market.
All along, everyone had overlooked these people while they criminally amassed billions of investors money.

Investment bankers are among the top paid careers in the world. You can Google that.
Their commissions are just fantastic when the MKT is good. The babe doesn't have to be okumagba's favorite to ooze so much money.