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SEC suspends BGL from all capital market activities

By BusinessNews Staff on May 22, 2015

The Securities and Exchange Commission (SEC) has suspended BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited from all capital market activities.

The capital market regulator also suspended all sponsored individuals of BGL Asset Management Limited, BGL Capital Limited and BGL Securities
Limited whose particulars are contained in the commission’s record as at December 2014 from performing any capital market activity.

These are the verdicts of the Executive Management Committee of SEC following its meeting held on May 19, 2015 which considered the report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group.

SEC also ruled that Albert Okumagba, the group managing director of BGLGroup, should cease to be a registered sponsored individual with the commission following the withdrawal of the registration of BGL Plc as a capital market operator.

“He is therefore no longer entitled to carryout capital market activities”, SEC said.

Also, SEC said that all suspicious transactions observed in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation and that BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited and all individuals involved in the management of the said companies have been referred to the SEC Administrative Proceedings Committee (APC) which will give all parties to the cases fair hearing.

[Business Day]

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