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

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 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.

Albert OkumagbaThe 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.