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Tuesday, April 21, 2015

Albert Okumagba Booted Out Of BGL Securities By SEC Over Alleged ‘Monumental Fraud’

 Albert Okumagba , the personal friend of rich man, Tony Elumelu has been booted out as head of BGL Securities Plc.

The action was carried out by Securities and Exchange Commission as part of it’s oversight function in the face of alleged ‘monumental fraud’.

Here are the details

Connected corporate guru, Albert Okumagba have being sent packing as head of management of BGL Securities Plc.

Reports have it that the Securities and Exchange Commission (SEC) has suspended the management of BGL securities as part of its oversight function. The Commission has immediately appointed an Interim Management Board (IMB) for the company headed by Mr. Oladipo Aina.

BGL Securities Limited is a dealing member of the Nigerian Stock Exchange and is one of the leading stockbroking firms in Nigeria, strategically known for executing high volume transactions. Reports also indicated that the board was suspended for perpetrating monumental fraud running into billions.

The list of those sacked from the board of BGL Securities are as follows, Albert Egbaroghene Okumagba the Group ManagingDirector/Chief Executive Officer, Chibundu Edozie Group Deputy Managing Director, Mr. Adekunle Alli Executive Director Finance, Strategy, Business and Non-Operated Assets, Mohan Lalchandani founding Director of BGL Plc and served on the Audit and Credit & Risk committees, Peter Adebola the Managing Director of BGL Securities Limited, Joseph Ashley-Osuzoka Deputy Managing Director, Andre Ewubare head of the Institutions Division, Victor Obire the Executive Director Operations and Nkechi Azubuike Executive Director.

The move of SEC is believed to be an effort to save BGL, which provides advisory services and products to clients, including governments, corporations, financial institutions and high net worth individuals, from going under. It was also gathered that the constitution of the interim management board would pave the way for a detailed investigation of the accounts and operations of the group. SEC is the apex regulator of the Nigerian capital market and its actions are backed by the Investment and Securities Act.

Founded in 1993, BGL Plc – formerly Banc Guranti Limited – said on its website that it had commenced operations as a bank holding company, with the aim of acquiring distressed or underperforming institutions in the banking sector.

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