₦airaland Forum

mbulela:
Your head dey there.
That IGI issue seems must have died with the death of the owner.
Why any sane person will buy shares from a company run by Dokpesi beats me. A man who has never run his company well enough to pay salaries regularly.
I am sure BGL have been into these scams in the past. Those covering him have departed,so he can now be exposed.

Where is the BGL scam?

ceejay4real:
The ediot and him brother Charles follow 4 pple wey kill defunct Oceanic Bank. They and one useless Charles Mekwunye were the people that corrupted Madam Cecilia Ibru and made her go astray. I still miss that Bank, I swear! God will punish all of una one by one!

Your head dey there. These are the boys that opened the woman's eyes to evil.

mbulela:
stop talking crap. SEC investigated the case before taking up BGL. This is not even about the 50 investors.

Why not tell us what this's about, before making your ridiculous noise.

kkkp:
Igbos and fraud

You are a stupid BIG FOOL!

Goodboiyy:
Mavor.. Long time oo..

Nice response bro, Thanks 4 correcting that Egoat.. , I gat alot of respect 4 The Okumagba's

My oga I dey o. U get to see all kind of post on nairaland, some facts, others plain lies.

I've visited many blogs but I've never visited a blog that completely covers everything I need. I was surfing the net when I stumbled on this blog. At first, I was'nt optimistic about what I was gonna find inside but after I visited it for the first time. I couldn't stop but visit it over and over again everyday. I've decided not to be selfish, so I'm gonna let you visit it too and have the fun that I had.
http://www.naijaweyre..com

atlwireles:
When did he steal your state funds? abi na Bernard picture and name bi dat? You clearly know nothing about your so called state. Nevertheless carry on, " NL deltans".

You know the story of the Okumagba family?

Freemanan:
You know the story of the Okumagba family?

I will NEVER need any help from you , so keep your narrative of the Okumagba family to your google version. You could not tell the difference between Albert and Bernard, yet, you want to lecture me. Like I said "NL Deltans" like you can carry on.

Freemanan:
You know the story of the Okumagba family?

y u dey reply tat guy, u get tym oo

Ewoohhhh, Freeman u see wenti I see so ?, d guy they tag u imposter oo, Lolz, I understand how he feel, d dude so pained

Goodboiyy:
y u dey reply tat guy, u get tym oo

Ewoohhhh, Freeman u see wenti I see so ?, d guy they tag u imposter oo, Lolz, I understand how he feel, d dude so pained

Lol... I just Don't understand folks here. I wonder what he thinks I will gain being an imposter. Maybe he is new on NL sha

atlwireles:
I will NEVER need any help from you , so keep your narrative of the Okumagba family to your google version. You could not tell the difference between Albert and Bernard, yet, you want to lecture me. Like I said "NL Deltans" like you can carry on.

Wow... Wow... Wow...

Freemanan:
Wow... Wow... Wow...

You are still an amateur, keep trolling on NL.

Freemanan:
Lol... I just Don't understand folks here. I wonder what he thinks I will gain being an imposter. Maybe he is new on NL sha

He his not new here man, He his always in the politics section, mostly on secessionist thread, Screaming Urhobo everywhere, and if u don't support his bi***** agenda he then tags u imposter .. I respect other Urhobo on NL, but that guy hmmmm, I just they let am fool himself...

Don't borther telling him ur tribe he ain't worth it, Just Ignore his mentions,.... Asap

Modified

*He his a paid PDP Agent
#Diehard Corruption supporter

atlwireles:
You are still an amateur, keep trolling on NL.

Your location is Warri, Maybe someday We will meet AND We will have an understanding. Good evening Mate.

Goodboiyy:
He his not new here man, He his always in the politics section, mostly on secessionist thread, Screaming Urhobo everywhere, and if u don't support his bi***** agenda he then tags u imposter .. I respect other Urhobo on NL, but that guy hmmmm, I just they let am fool himself...

Don't borther telling him ur tribe he ain't worth it, Just Ignore his mentions,.... Asap

Thanks for the tip brother. A shame that one of our own is into such. Thanks again.

Freemanan:
Your location is Warri, Maybe someday We will meet AND We will have an understanding. Good evening Mate.

No, we will never meet, because you like many others exist only here on NL. Google made you and your crew Niger delta anthropologists, nevertheless carry on.

Freemanan:
Thanks for the tip brother. A shame that one of our own is into such. Thanks again.

He his not 1 of our own, I haven't seen any trace of Urhobo in Him, he his d only urhobo av seen with such altitude, just ignore him ....

atlwireles:
Why not tell us what this's about, before making your ridiculous noise.

Why not ask before making outlandish erroneous comments?

atlwireles:
Where is the BGL scam?

The BGL Debacle

Last week, the Securities and Exchange Commission suspended BGL Group, owned by among other shareholders, the President of Chartered Institute of Stockbrokers, Mr. Albert Okumagba, from capital market operations over infractions. Goddy Egene traces the issues that led to the firm's suspension and its implications


He retired from the Nigerian Airforce about 14 years as an Air Vice Marshal and went into private business. He decided to invest part of his money in the stocks through a stockbroking and investment firm. But through a letter dated October 17, 2011, he requested that his investment be terminated and his funds returned to him. He gave the stockbroking firm, at least a month’s notice as contained in their initial agreement. The stockbroking firm failed to return his funds but pleaded to give them sometime, which he did. However, his funds were due again on January 18, 2012 and again they failed to return his funds.

The investor complained to the Nigerian Stock Exchange (NSE). The Disciplinary Committee of the NSE Council met on July 17, found out that the stockbroking collected the sum of N226 million from the investor pursuant to a guaranteed return on investment agreement contrary to the rules of the NSE. The exchange said the company engaged in “comingling of client and propriety funds contrary to the rules of NSE.”

Based on the findings, the NSE Disciplinary Committee directed that the stockbroking firm should immediately return the N226million to the investor and pay interest at the rate of two per cent above the prevailing Monetary Policy Rate (MPR) on the sum to the investor.

Unfortunately, the stockbroker failed to refund the money and the NSE did not compel the firm, which is owned by a former managing director of bank that is now part of Fidelity Bank Plc, to refund the more. The apex regulator of the capital market, the Securities and Exchange Commission (SEC) did not also do anything to assist the investor recover his money.


The investor has continued to lament the loss of his investment till today and has vowed not to return to the market. The retired Air Marshal is one of numerous investors who have been frustrated from the nation’s capital market due to the unethical practices of operators and weak enforcement of rules by regulators.

However, in what appears as a renewed move by the SEC to cleanse the market and instill discipline as part of efforts to restore investor confidence, the commission suspended BGL Group and all sponsored individuals from all market operations following complaints by its clients and investors.


The BGL’s Suspension

BGL, which is one of the foremost investment banking companies, offering financial advisory, corporate finance and securities trading among others, has Mr. Albert Okumagba as Group MD/CEO. Okumagba became President of the Chartered Institute of Stockbrokers (CIS) last year. The CIS is the professional body for stockbrokers in the country.

But last week, SEC announced the suspension of BGL Group (BGL Plc, BGL Securities Limited, and BGL Asset Management Limited) from all capital market activities. According to SEC in a statement, the BGL was suspended after the Executive Management Committee considered the report of detailed investigation into the various complaints received from investors against company.

Although there have been indications that all was not well with BGL Group, the official stamp on the challenges BGL Group was facing came when SEC appointed a seven-man Interim Management Team (IMT) led by a renown stockbroker, Mr. Oladipo Aina to manage the affairs of BGL Group of companies. SEC appointed the IMT after getting an order from Investment and Securities Tribunal (IST).

After considering the report of the IMT, SEC directed that BGL Plc and its subsidiaries be suspended from all capital market activities. Also, all Sponsored Individuals of the companies whose particulars are contained in the Commission's record as at December 2014 were suspended from performing any capital market activities.

“In addition, all suspicious transactions observed in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation. Again, the companies and all individuals involved in their management have been referred to the SEC Administrative Proceedings Committee (APC), which will give all parties to the cases a fair hearing,” the commission said.

BGL’s Move against Investigation

THISDAY checks revealed that the management of BGL moved against the IMT appointed by SEC by obtaining an order from Federal High Court. However, it was gathered that SEC did not comply with the Federal High Court order because it has the same coordinate jurisdiction with IST, which in the first place empower the regulator to move into BGL. Going by the mandate given to the IMT, an auditing firm of Messrs SIAO Partners was engaged to conduct a forensic audit into the affairs of the BGL Group of Companies from 2008 to 2015. But immediately the Auditors commenced its assignment, BGL management was said to have instructed its staff not to cooperate with the Auditors and IMT and specifically directed them not to release any document to the teams under any circumstance.

[b]BGL’s Problems
THISDAY checks revealed that BGL has been recording losses for the last five years, which has significantly eroded its shareholders funds. Besides, the company was said to have made questionable investments in companies such as Schartz Resources Limited, Peak Petroleum Resources (already declared bankrupt) and British Virgin Island in excess of N30 billion.

Apart from the above, market sources said there have been series of complaints against BGL within the last one year by clients with monetary value put at about N10 billion. These complaints bother on issues relating to the private placement exercise carried out by BGL Plc and the company's inability to liquidate the investment obligations at maturity.

It was gathered that commission, through its Enforcement Department engaged BGL on the complaints related to non-redemption of investment by clients, with consistent promise to pay these investors, which it did not adhere to.

As a result of its continued failure to redeem the clients’ investments, inability to file audited financial statements with the commission and some un-reconcilable figures in the financials of BGL, SEC suspected some kind of liquidity concerns.

Consequently, SEC directed a team of inspectors to carry out a joint target inspection with the NSE on BGL Group early last year. Sources close to NSE, who confirmed the result of the target inspection, said the result of the inspection revealed that: BGL Asset Management Limited offers investment products/schemes to the public that includes Guaranteed Premium Notes (GPN) and Guaranteed Consolidated Notes (GCN), which were not registered by the SEC; the operations of the GPN and GCN client’s investment scheme were not in line with the provisions of the SEC Rules and Regulations that specifies the maintenance of separate accounts for all clients’ funds.

According to sources, in spite of the company’s inability to redeem due investments in GCN and GPN, as observed by the numerous complaints received by the commission, the products were still being marketed and sold to investors.

“Besides, there was no clear distinction in the operations of BGL Securities Limited and BGL Asset Management Limited as it appears that BGL Securities Limited also carries out funds/ portfolio management function in respect of GPN and GCN products,” the source said.

Road to Illiquidity


Market operators who are familiar with BGL operations said the real problem of the once thriving investment bank that saw the merger of former Standard Trust Bank and United Bank for Africa Plc, began when Okumagba bought BGL from Mr. Tony Elumelu. Sources said as a shrewd businessman, Elumelu got full payment for the company and left it entirely for Okumagba to manage. It was gathered that Okumagba had hoped that the capital market would continue to thrive and would be able to make enough money to sustain the firm.

“With the market remaining in a poor state, the BGL boss had no option than to dip hands in the investment of clients to survive. This led to the series of complaints received from clients. Besides, Okumagba’s one time ambition to become the governor of Delta State, put some holes in his finances,” the source said.

According to sources, while the company was still going through financial challenges, its management was opening offices across the country, paying huge sums to rent offices and hiring staff even in places where there was no business to sustain its operations.

“Apart from opening offices that are not self sustaining, the company was hiring staff members with promises of mouth watering salaries and benefits. Unfortunately, in most cases, those promises were not fulfilled by BGL. Some of the employees had to leave with high level of disillusionment,” a source said.
BGL was equally heavily in debt through margin loans and benefitted from the bail-out package of Asset Management Corporation (AMCON).
[/b]

[b]Okumagba’s Emergence as CIS President

Realising that things were getting out of hand, Okumagba smartly thought of a way out. And the best way out was becoming the President and Chairman of Council of CIS. Ironically, before emerging the president, he was not on the Council. Okumagba came from nowhere, displaced the then first vice president, who was the rightful person to occupy the position, Mr. Emmanuel Ohanwusi, and became the boss of the professional body for stockbrokers.

THISDAY checks revealed that Ohanwusi, who had already been prepared for the position in line with the provisions of CIS, was displaced with the excuse that some allegations were made against him by his former company.

It was gathered that the Council of CIS told Ohanwusi the allegations against were being investigated and such he would could not become the CIS president until after the conclusion of the investigation into the allegations.

But rather than make the Second Vice President, Mr. 'Seyi Abe as the president until the conclusion of the investigation, the Council made Okumagba the president.

“It was unfortunate that the Council fell for the antics of Okumagba, who promised the Council members that he would use his clout and influence to help raise funds for the Institute. But one year after his emergence, the Council of CIS is ruing that decision to abandon its laid down rules and which has set the institute many years back and put a question mark on its integrity,” a broker said.

A senior broker, who admitted that the Institute made a mistake, said they realised very late that Okumagba wanted to use the influence of CIS to solve the challenges his company was going through.

“His thinking was that as President of CIS he would enjoy privileges and immunity that will shield him from the infractions. However, while he had enjoyed that opportunity and privilege last year, the game is over with SEC’s action,” the broker said.[/b]
Commendation for SEC

Considering the fact that the complaints filed by investors have lingered for quite a while, market operators and some stakeholders have hailed the management of SEC under the leadership of the DG, Mr. Mounir Gwarzo, for taking such bold move towards bringing sanity to the market.

“This issue has been festering for some time now and there are similar ones that deserve equal treatment. But I believe SEC should be commended for being bold enough to take this action, especially against a firm and persons considered as sacred cows in the market,” an operator said.

Speaking on the development, Mr. Olufemi Timothy of Renaissance Shareholders Association said SEC‘s action implies that the regulator cannot only bark but can also bite now.

“It is a good development and this gives hopes to investors who have suffered losses in the hands of many market operators. It is obvious that SEC is now waking up to its responsibilities and this must be sustained as a way of restoring investor confidence in the market,” Timothy said.

Analysts' Comments

According to analysts at Proshare Nigeria Limited, the BGL issue brought to the fore, the apparent lack of political will on the part of the SEC and NSE, hence the matter lingered for so long.

The analysts said while SEC took acted by appointing the IMT in the first instance, the NSE was silent.
“Why is the NSE not talking? What are they waiting for,” Proshare queried.

The analysts also considered the timing of the takeover of BGL management, saying that from all indications, the matter leading to the recent regulatory move against the company did not happen overnight.

“It had festered over the years, which rightly raises the questions of why the authorities failed to act before now and why they are acting at this moment. Was it a case of regulatory inertia or another of those cases of regulatory accommodation of institutional misbehavior that has continued to ravage the capital market in spite of the changes of 2010 in the leadership of the market, or a case of selective enforcement of the rules? Who is next? What was the rationale used here as a basis for market learning?,” they said.

atlwireles:
Why not tell us what this's about, before making your ridiculous noise.

SEC Petitions NJC Over Judge's Alleged Misconduct in N11bn BGL Suit

22 Aug 2015
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Symbol of justice

Akinwale Akintunde

The Securities and Exchange Commission (SEC) has written a petition to the National Judicial Council (NJC) against Justice Saliu Saidu of the Federal High Court sitting in Lagos.

In the petition dated August 3, 2015, SEC is accusing Justice Saidu of a breach of the Code of Conduct for Judges of the Federal High Court in the handling of its (SEC) case against BGL group.

According to the petition signed by SEC Director General, Mounir Gwaizo, the commission stated that the judge had not shown impartiality in the N11 billion suit against BGL group and urged the NJC to investigate the judge's conduct.

The commission also pointed out that the whole BGL vs SEC episode was being closely monitored by large domestic and foreign institutional investors and urged the NJC to mete out appropriate sanctions if the judge was proven guilty.

SEC had scheduled sittings of the Administrative Proceedings Committee (APC) for 4th and 5th August 2015 to hear cases related to investor complaints against BGL which alleged fraud totaling up to N5.8 billion. An official statement posted on the SEC’s corporate website however announced that SEC was “postponing” the sittings due to an ex parte court order issued by a Lagos Federal High Court.

SEC stated that its decision to petition the NJC against Justice Saidu was borne out of deep concern that judges were being used to undermine its clear regulatory authority as outlined in the Investments and Securities Act of 2007. Observers had argued in the past that the SEC’s case against BGL could prove to be a defining moment for the capital market.

"If the judges continue dishing out ex parte orders restraining SEC from protecting investors, future offenders will employ tricks from BGL’s playbook by approaching the courts to get injunctions in a bid to avoid accountability. On the other hand, if the SEC is allowed to appropriately sanction BGL and its executives for all infractions committed by them, a clear signal would be sent to the entire market that there shall be no sacred cows but only zero tolerance for wrongdoing.

"With its regulatory authority at stake, it is not surprising that the SEC has decided to take the matter to the highest judicial body of the land and copied the highest ranking officers of the executive and legislative arm of government", the petition stated.

The petition outlined investors’ complaints which SEC had been receiving against BGL since 2012, its detailed investigations of BGL’s activities and establishment of an interim management team to ascertain the financial health of the company and protect unsuspecting investors who might unknowingly continue to conduct business with BGL.

The petition also details BGL’s offenses, including questionable investments in unlisted/illiquid securities (in one instance investors’ money was recklessly risked in a firm already declared bankrupt).

According to SEC, BGL was in a bad financial state and posed significant risk to investors, its customers and the entire market.

"It was sustaining losses of about N48 billion for five years in a row and faced liquidity challenges making it unable to pay about N11 billion of investors’ funds that had matured. And in the latest list of Debtors to First Bank Plc published in THISDAY Newspaper of August 4th, 2015, BGL Securities is indebted to First Bank to the tune of N1.64 billion which matured since July 31st, 2012.

"With these obvious red flags, one wonders why any judge would be interested in aiding and abetting such an operator to continue participating in the capital market and endangering other market participants. Justice Saliu Saidu rather seems to be comfortable performing this task.

"On 27th May 2014, he granted an ex parte motion filed by BGL restraining SEC from suspending BGL or investigating its activities. He refused to hear SEC’s motion on notice seeking to vacate that order, even when it came up for hearing on 11th June 2015. First, Justice Saidu adjourned the matter till 19th June 2015 and then to 9th July 2015.

"Yet on 29th June 2015, he was willing to hear BGL’s ex parte motion to abridge the time within which SEC could respond from the seven days granted by the rules to just two days. Amazingly, those prayers by BGL were all granted on the same day", it stated.

According to SEC’s petition against Justice Saidu, this action contravenes Rule 2(5) of the Code of Conduct for Judicial Officers which frowns at repeatedly granting ex parte applications.

The commission said when its case was finally brought up for hearing on July 9, 2015, Justice Saidu yet again refused to hear it, claiming that the case was not “ripe for hearing”.

"Yet on the same day, after SEC’s counsel left the court premises, he decided to hear the case and struck it out. Perhaps the most damning part of the petition against Justice Saidu was excerpts from his handwritten record of the day’s proceedings. Apparently he had refused to specify his exact ruling on the matter scribbling rather a vague ‘Bench ruling delivered’.

"This later turned out to be a blank check to BGL who on 30th July 2015 presented to the Nigerian Stock Exchange (NSE) a court order supposedly issued on 9th July 2015 but certified on 30th July 2015 mandating NSE to allow BGL to continue trading.

SEC stated in its petition against Justice Saidu that its counsel conducted searches on the Federal High Court records and found no trace for the mysterious order bearing Justice Saidu’s signature.

The petition equally flashes the spotlight on one Justice Mohammed B. Idris Kutigi of the Federal High Court, Lagos who issued the latest restraining order, obtained again ex parte, against the planned SEC APC sitting.

It will be recalled that when SEC set up an IMT to investigate further of the allegation and engaged the services of forensic auditors, the BGL Group obtained an ex-parte court order from the Federal High Court, Lagos Division, presided over by Hon. Justice M. N. Yunusa on 30th April, 2015 ordering the forensic auditors to vacate the premises, the SEC even though has an order from the IST complied.

The commission said it became very obvious that BGL seemed to have hatched a well calculated antic to manipulate the judiciary to avoid answering for its actions.

"One would therefore be sympathetic to the SEC’s decision to report the matter to higher authorities who can strengthen the rule of law by investigating and punishing any wayward judicial officer", it stated.

Contacted to react to the petition, Managing Director and Chief Executive Officer of BGL Securities Mr. Albert Okumagba, said he would ask his lawyer to call this reporter for his reaction but never did.

atlwireles:
Why not tell us what this's about, before making your ridiculous noise.

I hope you will not be too lazy to read and understand the scam in view?
Have a good weekend.

mbulela:
I hope you will not be too lazy to read and understand the scam in view?
Have a good weekend.

You are back where we started, all the links you provided showed bad investment positions and aggressive risk taking. Is this what you call a scam?

atlwireles:
You are back where we started, all the links you provided showed bad investment positions and aggressive risk taking. Is this what you call a scam?

Did you see these :
It was gathered that commission, through its Enforcement Department engaged BGL on the complaints related to non-redemption of investment by clients, with consistent promise to pay these investors, which it did not adhere to.

As a result of its continued failure to redeem the clients’ investments, inability to file audited financial statements with the commission and some un-reconcilable figures in the financials of BGL, SEC suspected some kind of liquidity concerns.

Consequently, SEC directed a team of inspectors to carry out a joint target inspection with the NSE on BGL Group early last year. Sources close to NSE, who confirmed the result of the target inspection, said the result of the inspection revealed that: BGL Asset Management Limited offers investment products/schemes to the public that includes Guaranteed Premium Notes (GPN) and Guaranteed Consolidated Notes (GCN), which were not registered by the SEC; the operations of the GPN and GCN client’s investment scheme were not in line with the provisions of the SEC Rules and Regulations that specifies the maintenance of separate accounts for all clients’ funds.

According to sources, in spite of the company’s inability to redeem due investments in GCN and GPN, as observed by the numerous complaints received by the commission, the products were still being marketed and sold to investors.

“Besides, there was no clear distinction in the operations of BGL Securities Limited and BGL Asset Management Limited as it appears that BGL Securities Limited also carries out funds/ portfolio management function in respect of GPN and GCN products,” the source said.
THISDAY checks revealed that Ohanwusi, who had already been prepared for the position in line with the provisions of CIS, was displaced with the excuse that some allegations were made against him by his former company.

It was gathered that the Council of CIS told Ohanwusi the allegations against were being investigated and such he would could not become the CIS president until after the conclusion of the investigation into the allegations.

But rather than make the Second Vice President, Mr. 'Seyi Abe as the president until the conclusion of the investigation, the Council made Okumagba the president.

“It was unfortunate that the Council fell for the antics of Okumagba, who promised the Council members that he would use his clout and influence to help raise funds for the Institute. But one year after his emergence, the Council of CIS is ruing that decision to abandon its laid down rules and which has set the institute many years back and put a question mark on its integrity,” a broker said.

A senior broker, who admitted that the Institute made a mistake, said they realised very late that Okumagba wanted to use the influence of CIS to solve the challenges his company was going through.

Also, do you want me to re-post the fraud they perpetuated in court in tandem wit ha judge of questionable character to prevent further investigation?
Are these all you term bad business decisions?

Màybe I'm wrong with the person.... I'm sorry .... Just passing a message across

Demmocrats:
Bro are you sure you quoted the right person am confused lol

Sorry I click on wrong post.... I actually wanted to quote the guy that said "Igbo and fraud"

Demmocrats:
Bro are you sure you quoted the right person am confused lol

Does anyone have any new update on this BGL fraud? Seems like it's been quiet for a while and people have still not received their monies.

atlwireles:
“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"


I hope these 50 investors read the fine print on their contracts, before going to court. You invested in an option trade with a 24 months exit. Every trade comes with its risk, stop crying and deal with it.. The market has two sides, up or down. When you lose money like many did between 2006-2010, take it in stride and move on. Many have lost almost N4 trillion in last 120 days, who should they sue

Though this post is from months back, it's a very disappointing one regardless. You should make logical deductions even if you know little or nothing about Investment Banking. The implication of your post is that Mr Okumagba is been witch hunted by SEC, now why would SEC witch hunt him if he has done nothing wrong?
BGL is a typical fraudulent Nigerian Investment Banks were MD's do what they like with Investors money, but the major undoing of BGL was stealing from the rich. It's not News that BGL don't do transactions in thousands, there cheapest product Start from about 7million or there about. Every player in the industry is surprised that it took this long For their Bubble to bust. Petitons upon petitions dating from about 4years back are Gathering dust in SEC Office. Okumgba and his likes need to be jailed for a long time to serve as deterents to all.
And your advise to the 50 Investors is laughable. If you have ever met a Billionaire you will agree with me that they are not rich by accident, regardless of how they made their money and besides, there a lot of other cases against BGL asides this. I personally pursued through the right channels, including Petitons to Investment Tribunal for 2 years, 3 cases valued at over 98million naira for my clients without success. Okumagba was protected by the powers that be.
So be sure that all your concerns have been taken care of before this public incidence.