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| Albert Okumagba |
Operatives of the Economic and Financial
Crimes Commission have arrested the Group Managing Director of BGL Plc,
a Lagos-based financial services company, Mr. Albert Okumagba, for
alleged N28.9bn fraud according to a report by PUNCH.
An operative of the commission, said that those investigating the matter
had been grilling the BGL boss for allegedly obtaining money by false
pretences.
Though Okumagba on Thursday made a bid
for his freedom but he failed to obtain an interim injunction barring
the EFCC from arresting him.
Justice Mohammed Yunusa refused to grant the ex parte application argued by Okumagba’s counsel, Kolawole Reheem.
He also refused to order the EFCC to appear in court to justify why Okumagba’s prayers should not be granted.
Rather than grant Okumagba’s prayers,
Justice Yunusa asked that the processes should be served on the
respondents in Lagos as prayed in reliefs 5 and 6.
Our correspondents found that Okumagba
was picked up by anti-graft operatives on Wednesday in response to a
petition by the by the Security and Exchange Commission in May, 2015.
An EFCC source said, “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 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 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.”
It was stated that the investors were
not able to liquidate their assets contrary to the promise made to them
and that an alleged promise that BGL would be listed on the Securities
and Exchange Commission two years after the offer in 2008 was not
fulfilled
The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, confirmed the arrest and interrogation of the BGL boss.
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.
The SEC had earlier announced the
suspension of the BGL Group from capital market activities on the
strength of the allegations contained in the petitions.
But on May 27, 2015, BGL had obtained an
interim injunction by Justice Saliu Saidu restraining SEC from
suspending it from participating in capital market activities.
Also on July 21, 2015, the firm obtained
another interim injunction by Justice Mohammed Idris stopping the plan
by SEC to hear the various petitions against it.
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