Albert Okumagba: His BGL still under ban

The suspension of BGL Securities Plc, its subsidiaries and sponsored individuals from all capital market activities, still subsists,the Securities and Exchange Commission (SEC) said.

The commission issued the statement in the wake of the publications of the BGL 50 Index.  SEC, in a notice posted on its official website, said that the commission dissociated itself from the “BGL 50 Index’’ publication.

“This is to remind the general public that the suspension of BGL Plc, its subsidiaries and sponsored individuals from all capital market activities still subsists.

“The commission hereby dissociates itself from the “BGL 50 Index” publication,’’ it stated.

SEC, in May, announced the suspension of BGL Group Plc from all capital market operations.

The SEC also said that Mr Albert Okumagba, the Group Managing Director of BGL Group, should cease to be a registered sponsored individual with the commission.

The commission suspended the group following various complaints received from investors against subsidiaries of BGL Group.

SEC directed that “BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited, be suspended from all capital market activities.

“ All Sponsored Individuals of BGL Asset Management Limited, Capital Ltd and Securities Ltd whose particulars are contained in the commission’s record as at December 2014 are suspended from performing any capital market activity.”

The commission referred all suspicious transactions observed in the course of the investigation to the appropriate law enforcement agencies for further investigation.

The commission said all individuals involved in the company had been referred to the SEC Administrative Proceedings Committee (APC) which would give all parties to the cases a fair hearing.

It noted that the commission was empowered by the Investments and Securities Act (ISA) 2007 and Rules and Regulation to protect the integrity of the capital market.

SEC said it was committed to sanction violators of the provisions of the law.