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.
I am a metro reporter on Gistmania, I have been publishing news materials for over 5 years
Posted: at 11-09-2015 10:58 AM (8 years ago) | Hero
DJSNIPPER at 11-09-2015 12:15 PM (8 years ago) (m)
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
Posted: at 11-09-2015 12:15 PM (8 years ago) | Gistmaniac
DJSNIPPER at 11-09-2015 12:18 PM (8 years ago) (m)
Quote from: christianity on 11-09-2015 11:58 AM
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
Posted: at 11-09-2015 12:18 PM (8 years ago) | Gistmaniac
innocentbola at 11-09-2015 02:59 PM (8 years ago) (m)
Quote from: elchymo on 11-09-2015 12:10 PM
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...
Posted: at 11-09-2015 02:59 PM (8 years ago) | Gistmaniac
innocentbola at 11-09-2015 03:06 PM (8 years ago) (m)
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...
Posted: at 11-09-2015 03:06 PM (8 years ago) | Gistmaniac
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