BreakingNews 11/1/16 - Financial Scandal: BGL Group Faces Fresh Charges of N2.9Billion

[ Masterweb Reports: Bamidele Famoofo reports ] - The embattled BGL Group comprising of BGL Securities Limited and BGL Assets Management Limited are facing fresh charges of alleged financial criminalities valued at N2.9billion (about $14.5million).


BGL, a foremost operator in the Nigerian capital market was suspended by the Securities and Exchange Commission (SEC), chief regulatory authority of the market in May 2015 over verified complaints of financial and operational unfaithfulness.


The group and its sponsors are expected to meet the Administrative Proceedings Committee (APC SEC) on Wednesday 3rd February, 2016 for hearings over allegations from some investors.


A statement signed by SEC said 10 new complaints, with total monetary value of over N2.9 billion was received between 20th May, 2015 and 10th November 2015 from various investors against BGL Plc.


“The investors have alleged several violations of the Investments and Securities Act 2007, SEC Rules and Regulations as well as the Code of Conduct for Capital Market Operators including, amongst others”, SEC disclosed.


According to the statement “The respondents have been duly notified of their invitation to appear before the SEC APC and have been asked to file their defense ahead of the hearing. The hearings are slated to hold on Wednesday 3rd February, 2016 during which the respondents would be given fair-hearing on each of the allegations”.


Besides withdrawing the operational license of BGL Plc last year, Mr. Albert Okumagba, former Group Managing Director of the group and President of the Chartered Institute of Stockbrokers (CIS) was banned from carrying out capital market activities in the country.


Bamidele Famoofo ( Email: ) reports.


*Photo Caption - As Seen.

html add here