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.
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