EFCC Arrest MD Of BGL Plc Over Alleged N28.9bn Fraud

Albert Okumagba, the Group Managing Director (GMD) of BGL Plc, has been reportedly arrested by the Economic and Financial Crimes Commission (EFCC), Sahara Reporters reports.

The 51-year-old GMD of the financial services company, was arrested for offences bordering on stealing and obtaining money by false pretences, the report further states.
His arrest, which was triggered by an investigation into a petition submitted to the EFCC by the Security and Exchange Commission (SEC) in May this year, was said to have been effected on Wednesday, September 9, 2015, by operatives of the anti-graft agency.

According to Sahara Reporters, Okumagba allegedly diverted about N28.9billion being proceeds of private placements of 4.3 billion ordinary shares of 50k each at N7.00k per share in 2007.

The company has subsidiaries including; BGL Capital, BGL Private Equity, BGL Security and BGL Asset Management, and was involved in the alleged deception of 50 investors from across the country into subscribing to the company’s shares, promising them options of liquidity and exit within two years.

The investors had been promised value for their investments through one of the alleged company’s subsidiary, BGL Securities Limited, as stated in its memorandum of private placements.

However, instead of fulfilling its pledges, BGL reportedly moved the sum of N28.9billion to an offshore account belonging to one of its subsidiaries, BV1 Club 1, British Virgin Island.

EFCC spokesman, Wilson Uwujaren confirmed the arrest, as investigations also showed the suspect reneged on his promise to the investors that BGL would be listed on the SEC via an Initial Private Offer, IPO, within 24 months after the private placements were concluded in 2008.

Recently, the Vice Chancellor of the Adamawa State University, Shall David Joshua, was arrested by the EFCC for selling a N13 million government-owned Toyota Land Cruiser as scrap.

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