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EFCC arrests BGL boss over N28.9bn fraud

11 September 2015, 18:55

The Group Managing Director of BGL Plc, Albert Okumagba, a Lagos-based financial services company for alleged N28.9bn fraud has been arrested by Operatives of the Economic and Financial Crimes Commission, Punch reports.

It was gathered that those investigating the matter had been grilling the BGL boss for allegedly obtaining money by false pretences.

Though Okumagba on Thursday made a bid for his freedom but he failed to obtain an interim injunction barring the EFCC from arresting him.

Justice Mohammed Yunusa refused to grant the ex parte application argued by Okumagba’s counsel, Kolawole Reheem.

He also refused to order the EFCC to appear in court to justify why Okumagba’s prayers should not be granted.

Also read: EFCC interrogates NAFDAC DG

Justice Yunusa asked that the processes should be served on the respondents in Lagos as prayed in reliefs 5 and 6.

It was stated that the investors were not able to liquidate their assets contrary to the promise made to them and that an alleged promise that BGL would be listed on the Securities and Exchange Commission two years after the offer in 2008 was not fulfilled

The Head of Media and Publicity of the EFCC, Wilson Uwujaren, confirmed the arrest and interrogation of the BGL boss.

No fewer than 40 petitions were said to have been sent to the SEC against BGL by aggrieved capital market investors in the country as well as the Rivers State Ministry of Finance.

Read more at Punch

- News 24

Tags efcc fraud

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