EFCC arrests BGL boss, Okumagba over alleged N28.9bn fraud

The Managing Director of BGL Plc, Mr. Albert
Okumagba, has been arrested by officials of
the Economic and Financial Crimes
Commission EFCC for allegedly being
involved in a N28.9bn fraud.
According to Punch, Okumagba was arrested
on Wednesday September 9th following a
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 51year 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”the source
The source added that contrary to promises
made to them by Okumagba, his investors
were not able to liquidate their assets. He
also failed to fulfill a promise of listing his
organization, BGL on the Securities and
Exchange Commission two years after the
offer in 2008.
Confirming his arrest, the Head of Media and
Publicity of the EFCC, Wilson Uwujaren said
he was being interrogated. 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.

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