SEC COMMENCES INVESTIGATION OF ALBERT OKUMAGBA'S BGL SECURITIES TO UNCOVER ALLEGED MONUMENTAL FRAUD PERPETRATED

The Securities and Exchange Commission have commenced investigation into allegations of corrupt practices levelled against board room man Albert Okumagba and his other management team while they held sway as managers of BGL Securities Plc.

The Acting Director-General of the Commission, Mr. Mounir Gwarzo, on Wednesday confirmed that the commission was investigating the operations of BGL Plc. Gwarzo, who spoke to journalists in Lagos stated that “What we did for BGL was basically extending our investigation process. We undertook target inspection of BGL. When we finished the investigation, we came up with our own report and we wrote them a letter and we said we want them to clarify some things. They responded by asking us for additional time to respond and we granted them that additional time and they responded. We reviewed their response and we felt there is a need for us to go in and confirm or clarify certain things. That is the situation we are in now.”

The acting SEC DG added that the findings of the interim management team would determine its next course of action with regard to the group. “We set up an interim management team that has already moved in and is doing its job. I don’t want to preempt what the IMT would come up with, but the moment they finish the report, the SEC will look at it and take the next line of action,” he said.

Recall the SEC sacked Albert Okumagba from the board of BGL over complaints of fraudulent practices, a new management board was immediately instituted. Details of the complaints and the real reasons behind the appointment of an interim board and management for the group remain sketchy as Gwarzo did not provide details and no member of the suspended board could be reached for comment.