Operatives of the
Economic and Financial
Crimes Commission
have arrested the
Group Managing
Director of BGL Plc, a
Lagos-based financial
services company, Mr. Albert Okumagba, for alleged
N28.9bn fraud.
An operative of the commission, who confided in our
correspondent, said that those investigating the matter had
been grilling the BGL boss for allegedly obtaining money by
false pretences.
Though Okumagba on Thursday made a bid for his freedom
but he failed to obtain an interim injunction barring the
EFCC from arresting him.
Justice Mohammed Yunusa refused to grant the ex parte
application argued by Okumagba’s counsel, Kolawole
Reheem.
He also refused to order the EFCC to appear in court to
justify why Okumagba’s prayers should not be granted.
Rather than grant Okumagba’s prayers, Justice Yunusa asked
that the processes should be served on the respondents in
Lagos as prayed in reliefs 5 and 6.
Our correspondents found that Okumagba was picked up by
anti-graft operatives on Wednesday in response to a petition
by the by the Security and Exchange Commission in May,
2015.
An EFCC source said, “The EFCC has arrested Mr. Albert
Okumagba, Group Managing Director of BGL Plc, a financial
services company, for offences allegedly bordering on
obtaining money by false pretences.
“The 51-year-old, who hails from Delta State, was picked up
late Wednesday, September 9, 2015, by operatives of the
EFCC.
“His arrest was triggered by investigation into a petition
submitted to the anti-graft agency by the Security and
Exchange Commission in May 2015.
“The suspect is alleged to have diverted the sum of N28.9bn
being proceeds of private placements of 4.3bn ordinary
shares of 50k each at N7.00k per share in 2007.
“The company, whose subsidiaries include BGL Capital, BGL
Private Equity, BGL Security and BGL Asset Management,
allegedly lured 50 investors from across the country into
subscribing to the company’s shares, promising them
options of liquidity and exit within two years.”
It was stated that the investors were not able to liquidate
their assets contrary to the promise made to them and that
an alleged promise that BGL would be listed on the
Securities and Exchange Commission two years after the
offer in 2008 was not fulfilled
The Head of Media and Publicity of the EFCC, Mr. Wilson
Uwujaren, confirmed the arrest and interrogation of the BGL
boss.
No fewer than 40 petitions were said to have been sent to
the SEC against BGL by aggrieved capital market investors in
the country as well as the Rivers State Ministry of Finance.
The SEC had earlier announced the suspension of the BGL
Group from capital market activities on the strength of the
allegations contained in the petitions.
But on May 27, 2015, BGL had obtained an interim
injunction by Justice Saliu Saidu restraining SEC from
suspending it from participating in capital market activities.
Also on July 21, 2015, the firm obtained another interim
injunction by Justice Mohammed Idris stopping the plan by
SEC to hear the various petitions against it. www.punchng.com/news/n28-9bn-fraud-efcc-arrests-bgl-boss-okumagba/

Slowly but surely...

Hmmmm ftc.if found guilty of the offence, I suppose he should face the law.."If u can't do the time , dnt comit the crime".