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.

The Securities and Exchange Commission (SEC) on Wednesday (20/5/2015) announced the suspension of BGL Group Plc from all capital market operations.The SEC also said that Mr. Albert Okumagba, who is the Group Managing Director of BGL Group, should cease to be a registered Sponsored Individual with the commission following the withdrawal of the registration of BGL Plc as a capital market operator.

"He is therefore no longer entitled to carryout capital market activities," SEC declared.

According to the commission, the decision to suspend BGL was taken after the commission's Executive Management Committee meeting held on May 19, 2015, where it considered the report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group.

SEC directed that "BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited be suspended from all capital market activities all Sponsored Individuals of BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited whose particulars are contained in the Commission’s record as at December 2014 be suspended from performing any capital market activity."

The commission noted that "all suspicious transactions observed in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation; and BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited and all individuals involved in the management of the said companies have been referred to the SEC Administrative Proceedings Committee (APC) which will give all parties to the cases a fair hearing."

SEC had last month appointed and interim management to run BGL following complaints against the company by investors. The interim management was mandated to conduct a forensic audit of the companies operations among others

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

Nice one. D investors are always @d receiving end of dia sharp practices.

Ok. In other news

i see

OK oo. Maybe it is part of d change some pple are asking for.

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/

used to be a staff in 2006.. soon afterwards capital market tanked and I moved on. sad though. Banc Guaranty Limited (BGL) one of the finest, now fallen. truly a sad event. EGBA!!! a true cowboy

The capital market need a whole lot cleansing.

Sadly It's the junior staffs that will suffer.

Ok, this news is probably for the capital market market investors.
As for people like us wen dey invest for bear bear bank, guess nobody can suspend such company.

Ok

No doubt, some salaries and wages will be cut short and not paid

The same legendary BGL?

Great

therealwajo:
The same legendary BGL?

Yes oooooh

Dnt understand sha! Bu I must comment

Season of sack, suspension and resignation.

Not my probs

Dear lalasticlala,
Please i suggest that front page bound threads with nice content should be allowed to mature with responsible comments before hitting fp reason is to stop this jobless kids from causing massive derailing leading to thread dieing off prematurely.

What is the fate of those who invested millions in the BGL private placement?. A friend had about 12 million locked in. Talk of private offerings becoming burnt offerings. SEC should go a step further by prosecuting and asset stripping all capital market fraudsters with that investors will have more confidence in the market.

Please any one with information whether SEC collects I.T students?

what about their clients?

the company is so classy from the outside, seems from the inside it was "rotten"

Albert Okumagba and co have ruined that company and plundered investor's funds.
I hope their assets are confiscated as well....... I am sure his Banana Island asset was acquired with investor's funds.
Mounir Gwarzo is definitely putting it down... strict and principled man.... I am confident he will sanitise the capital markets and restore credibility within SEC

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/

This is long over due. People don't know half of what the MD's of financial houses do with their funds. BGL has been in deep shit for a very very long time. They are neck deep in debt as a result of wrong investments and weak financial control. You be awed if you know the whole story. Their saving grace has been Okumgba who's influence is obviously weaning.

Mehn, this serious. Hope the issue is sorted soon

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?

Yes

na wa o!

hope they get to recover all from Okumagba and his cronies..

used to respect the md

A ponzi scheme..

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!

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!

Their is no better way of protect the investor's funds in this case than this. Infact, this is coming too late. They would have mitigated a lot of rot had this come 3years ago! But then, this is been done for personal reasons.