Corporate Guru, Albert Okumagba Humiliated, Sacked From BGL Board Over Fraud

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Albert E. Okumagba is the Chief Executive Officer and Managing Director of BGL Plc & Co. Incorporated. Prior to joining the company, he was Manager and Head of Mergers and Acquisitions at Centre-Point Merchant Bank Limited (now Unity Bank Plc). During his career at Centre-Point, Mr. Okumagba managed portfolios in Corporate Banking, Multilateral Agency Credits and traded on the floors of the Nigerian Stock Exchange on behalf of Centre-Point’s stock broking affiliate.

The highly influential corporate guru, have been sacked as head of management of BGL Securities Plc. Pride Magazine Nigeria was informed that the Securities and Exchange Commission (SEC) has suspended the management of BGL securities as part of its oversight function. The Commission has immediately appointed an Interim Management Board (IMB) for the company headed by Mr. Oladipo Aina.

BGL Securities Limited is a dealing member of the Nigerian Stock Exchange and is one of the leading stock broking firms in Nigeria, strategically known for executing high volume transactions. Reports also indicated that the board was suspended for perpetrating monumental fraud running into billions.

The list of those sacked from the board of BGL Securities are as follows, Albert Egbaroghene Okumagba the Group Managing Director/Chief Executive Officer, Chibundu Edozie Group Deputy Managing Director, Mr. Adekunle Alli Executive Director Finance, Strategy, Business and Non-Operated Assets, Mohan Lalchandani founding Director of BGL Plc and served on the Audit and Credit & Risk committees, Peter Adebola the Managing Director of BGL Securities Limited, Joseph Ashley-Osuzoka Deputy Managing Director, Andre Ewubare head of the Institutions Division, Victor Obire the Executive Director Operations and Nkechi Azubuike Executive Director.

SEC’s move is believed to be an effort to save BGL, which provides advisory services and products to clients, including governments, corporations, financial institutions and high net worth individuals, from going under. It was also gathered that the constitution of the interim management board would pave the way for a detailed investigation of the accounts and operations of the group. SEC is the apex regulator of the Nigerian capital market and its actions are backed by the Investment and Securities Act.

Founded in 1993, BGL Plc – formerly Banc Guranti Limited – said on its website that it had commenced operations as a bank holding company, with the aim of acquiring distressed or under-performing institutions in the banking sector.

Photo-Credit: http://www.e-nigeria.com

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