EFCC arrests Albert Okumagba BGL Boss Over N28.9bn Fraud

                          

The Economic and Financial Crime Commission have arrested the Managing Director of BGL Plc Mr Albert Okumagba over alleged N28.9bn fraud

According to Punch he was arrested by EFCC operatives on Wednesday in responses to petition 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.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.”source said

 Investors were not able to liquidate their assets contrary to the promise made to them by Mr Okumagba 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 Arrest of the BGL Boss was confirmed by the EFCC spokesperson, Mr Wilson Uwujaren,
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.