BGL Boss, Albert Okumagba In EFCC Custody For Alleged N28.9bn Fraud.

4 years ago by: CLARA JANCITA
[1] 2
-- Online (f) at 11-09-2015 10:58AM

(15181 | Hero)


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.
Okumagaba is being questioned for allegedly obtaining money by false pretenses.
Okumagba yesterday sought to regain his freedom but Justice Mohammed Yunusa refused to grant the exparte application argued by his counsel, Kolawole Reheem.
He also refused to order the EFCC to appear in court to justify why Okumagba’s prayers should not be granted.
Naijapals gathered that Okumagba was picked up by the anti-graft operatives on Wednesday in response to a petition by the by the Security and Exchange Commission in May, 2015.
“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,” an EFCC source said told us.
“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.”

Furthermore, 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, has confirmed the arrest and interrogation of the BGL boss.
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.



-- gogoman (m) at 11-09-2015 11:17AM
(31813 | Addicted Hero)

hmmm maybe he no settle correct person, na why them carry am
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-- hackynoni111 (m) at 11-09-2015 11:42AM
(7300 | Gistmaniac)

HE should vommit the Money o
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-- christianity (m) at 11-09-2015 11:58AM
(7305 | Gistmaniac)

pot calling kettle black.efcc my foot
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-- elchymo (m) at 11-09-2015 12:08PM
(22523 | Addicted Hero)

Na wa oo. All that kind money... Choi
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-- PoliticxGuru (m) at 11-09-2015 12:10PM
(14187 | Hero)

All dis money sef wia dem dey keep am
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-- elchymo (m) at 11-09-2015 12:10PM
(22523 | Addicted Hero)

Hmmmmm, I no go surprise if court grant am bail of N1 billion, him go settle, then the rest money na him own... Its possible
Reply
-- DJSNIPPER (m) at 11-09-2015 12:15PM
(3593 | Gistmaniac)

Let him go and dance to the tune of the music being played by the EFCC. Whoever that is found wanting to have committed any form of economic crime should face the music irrespective of the suspect's tribe, religion, ethnicity and party affiliation.

People no longer fear God, and that's the major reason why they can sleep peacefully with all those atrocities of theirs. Anyway, pastors and some d*monic alfas are there emboldening them that nothing will happen as long as they bring their tithes to the church and help in building their local mosques. Ignorance
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-- DJSNIPPER (m) at 11-09-2015 12:18PM
(3593 | Gistmaniac)

Quote from: christianity on 11-09-2015 11:58AM
pot calling kettle black.efcc my foot
                                                                                      That's it. Empty noise to stare people and after small bribe to them nothing is heard again. How many have they really tried in court of law in the last 102 day of "Change
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-- emma4love3 (m) at 11-09-2015 12:25PM
(15079 | Hero)

fraud everywhere who con dey innocent
sef......
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-- ngfineface (f) at 11-09-2015 12:49PM
(8989 | Hero)

And the big boy goes to jail........choi
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-- bayonel3 (m) at 11-09-2015 02:09PM
(11805 | Hero)

that's why I support the death penalty... pll won't steal again
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-- bayonel3 (m) at 11-09-2015 02:26PM
(11805 | Hero)

Quote from: gogoman on 11-09-2015 11:17AM
hmmm maybe he no settle correct person, na why them carry am
na buhari time o.. no settlement again
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-- innocentbola (m) at 11-09-2015 02:56PM
(8415 | Hero)

Quote from: Hackangel  link=topic=272816.msg4498670#msg4498670 date=1441968128
HE should vommit the Money o

Lets wait and see as the drama unfolds...
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-- innocentbola (m) at 11-09-2015 02:59PM
(8415 | Hero)

Quote from: elchymo on 11-09-2015 12:10PM
Hmmmmm, I no go surprise if court grant am bail of N1 billion, him go settle, then the rest money na him own... Its possible

I see you are used to reading such corruption news to the extent you can predict the outcome which is true by the way. They might grant him bail in the sum of N1bn and the rest will be history...
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-- innocentbola (m) at 11-09-2015 03:00PM
(8415 | Hero)

Quote from: PoliticxGuru on 11-09-2015 12:10PM
All dis money sef wia dem dey keep am

Only God knows...
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-- innocentbola (m) at 11-09-2015 03:03PM
(8415 | Hero)

Quote from: emma4love3 on 11-09-2015 12:25PM
fraud everywhere who con dey innocent
sef......

Almost all of them are corrupt...
Reply
-- innocentbola (m) at 11-09-2015 03:03PM
(8415 | Hero)

Quote from: bayonel3 on 11-09-2015 02:09PM
that's why I support the death penalty... pll won't steal again

The problem is they just won't sign it into law. Though i prefer life imprisonment...
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-- innocentbola (m) at 11-09-2015 03:06PM
(8415 | Hero)

Imagine that amount of money, where are they keeping all this money they are talking about? I think it high time they pass it into law to cease every known property of any corrupt official caught and freeze their accounts as well...
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-- okpesco60 (m) at 11-09-2015 03:17PM
(319 | Upcoming)

ask am o
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