EFCC arrests BGL’s Okumagba over N28.9bn fraud

Operatives of the EFCC have arrested the Group Managing Director (GMD) of BGL Plc, Albert Okumagba, over an alleged N28.9 billion fraud.
EFCC Spokesman, Wilson Uwujaren, who confirmed the arrest to Daily Trust yesterday, said  Okumagba was picked up in Abuja based on the commission’s investigation into a petition submitted by the Securities and Exchange Commission (SEC) and for offences bordering on stealing and obtaining money under pretence.
“The suspect is alleged to have diverted N28.9bn being proceeds of private placements of 4.3 billion ordinary shares of 50k each at N7.00k per share in 2007,” he said.
It was learnt that Okumagba’s financial services company company, whose subsidiaries include BGL Capital, BGL Private Equity, BGL Security and BGL Asset Management, allegedly lured investors from across the country into subscribing to the company’s shares, promising them options of liquidity and exit within two years.