Shame! EFCC Arrests MD Of BGL Albert Okumagba Over N28.9bn Fraud


Albert Okumagba could easily pass as a quiet, unassuming man at first glance. He isn't. Behind his seeming modesty and genial nature subsists the beguiling wisdom of the crocodile. Albert, like the carnivorous reptile would disarmingly shed tears when he would devour. Sometimes, he does it with a smile and humble mien.  Thus is the vileness of the BGL head honcho; this scary bit of Albert manifested in full bloom recently. Albert Okumagaba is sad and that is because the proverbial frost of misfortune has carved into his fate, the disaster of ill-luck.
 According to Saharareporters,The Economic and Financial Crimes Commission, EFCC, has arrested Mr. Albert Okumagba, Group Managing Director (GMD), BGL Plc, a financial services company, for offences bordering on stealing and 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, SEC, in May, 2015.
The suspect is alleged to have diverted the sum of 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, 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 liquidity and exit options offered the investors, which were contained in its memorandum of private placements, implies that the investors would get value for their investments through one of its subsidiaries, BGL Securities Limited.
But BGL moved the sum of N28.9billion to an offshore account belonging to one of its subsidiaries, BV1 Club 1, British Virgin Island. The suspect was also said to have refused the investors the opportunity to liquidate their assets as promised.
Investigation also revealed that though the suspect allegedly promised the investors that BGL would be listed on the SEC via an Initial Private Offer, IPO, within 24 months after the private placements was concluded in 2008, it, however, turned out to be a ruse.
EFCC spokesman, Wilson Uwujaren, confirmed the arrest.
Share on Google Plus

About The Nigerian Blogger

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.
    Blogger Comment
    Facebook Comment

1 comments :

  1. Are you even sure the fraud isn't more than that...lol

    ReplyDelete