Okumagba, Group Managing Director (GMD), BGL Plc, a financial services company, for
offences bordering on stealing and 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,
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.
The liquidity and exit options offered the investors, which were contained in its
memorandum of private placements, implies that the investors would get value for their
investments through one of its subsidiaries, BGL Securities Limited.
But BGL moved the sum of N28.9billion to an offshore account belonging to one of its
subsidiaries, BV1 Club 1, British Virgin Island.
The suspect was also said to have refused the investors the opportunity to liquidate
their assets as promised.
Investigation also revealed that though the suspect allegedly promised the investors that
BGL would be listed on the SEC via an Initial Private Offer, IPO, within 24 months after
the private placements was concluded in 2008, it, however, turned out to be a ruse.
EFCC spokesman, Wilson Uwujaren, confirmed the arrest.
SaharaReporters
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