EFCC Arrests BGL Boss, Albert Okumagba Over N28.9bn Fraud

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BGL Boss, Albert Okumagba has been arrested by operatives of EFCC for alleged N28.9bn fraud. Photo Credit: Punch NG.

The Economic and Financial Crimes Commission (EFCC) has arrested the Group Managing Director, BGL Plc, Mr. Albert Okumagba for alleged N28.9bn fraud.

According to a Punch report, EFCC operatives had been investigating allegations of Okumagba obtaining money from investors under false pretence.

The suspect, who sought to be granted bail, had his application rejected by the Justice Mohammed Yunusa court. The court refused to grant the ex parte application by Okumagba’s counsel, Kolawole Reheem.

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Justice Yunusa also refused the defence counsel’s order for EFCC to appear before it on why their prayers shouldn’t be granted.

The report further found that Okumagba was arrested by the security operatives on Wednesday following a petition by the Security and Exchange Commission (SEC) in May 2015.

An EFCC source confirmed that: “The EFCC has arrested Mr. Albert Okumagba, Group Managing Director of BGL Plc, a financial services company, for offences allegedly bordering on obtaining money by false pretences.

“The 51 year old, who hails from Delta State, was picked up late Wednesday, September 9, 2015 by operatives of the EFCC.

“His arrest was triggered by investigation into a petition submitted to the anti-graft agency by the Security and Exchange Commission in May 2015.

“The suspect is alleged to have diverted the sum of N28.9bn being proceeds of private placements of 4.3bn ordinary shares of 50k each at N7.00k per share in 2007.

“The company, whose subsidiaries include BGL Capital, BGL Private Equity, BGL Security and BGL Asset Management, allegedly lured 50 investors from across the country into subscribing to the company’s shares, promising them options of liquidity and exit within two years.”

The Head of Media and Publicity EFCC, Mr. Wilson Uwujaren confirmed the arrest of Mr. Albert Okumagba.

See Also: EFCC Chairman, Lamorde, Under Probe For N1tr Fraud


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