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Albert Okumagba’s BGL in another N2.9billion SEC mess
Chairman of BGL, Albert Okumagba

Albert Okumagba’s BGL in another N2.9billion SEC mess

When it rains it pours. This seems to be the case with Mr. Albert Okumagba, the Chairman of BGL. Just when many capital market operators felt 2016 may just be better for him and his companies, the Securities and Exchange Commission (SEC) today announced that it is investigating the company for another N2.9billion missing investor funds.

According to a statement by the Commission:

The Securities and Exchange Commission (SEC) has invited BGL Securities Limited, BGL Assets Management Limited and their sponsored individuals to appear before the SEC Administrative Proceedings Committee (SEC APC). This follows the receipt of ten (10) new complaints, with total monetary value of over N2.9 billion, against them, received between 20th May, 2015 and 10th November 2015 from various investors.

The investors have alleged several violations of the Investments and Securities Act 2007, SEC Rules and Regulations as well as the Code of Conduct for Capital Market Operators including, amongst others:

  • Performance of a capital market function without due registration
  • Promoting and marketing products not registered by the Commission
  • Failure/refusal to resolve clients’ complaints
  • Failure to file statutory returns
  • Furnishing the Commission with false and misleading information

The respondents have been duly notified of their invitation to appear before the SEC APC and have been asked to file their defense ahead of the hearing. The hearings are slated to hold on Wednesday 3rd February, 2016 during which the respondents would be given fair-hearing on each of the allegations.

 

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