The Securities and Exchange Commission has suspended BGL Group Plc from all capital market operations and de-registered its Group Managing Director, Albert Okumagba, as a Sponsored Individual with the commission following the withdrawal of the registration of BGL Plc as a capital market operator.
According to SEC, Okumagba “no longer entitled to carryout capital market activities.”
The capital market regulator said the decision to suspend BGL was taken after the commission’s Executive Management Committee meeting held on May 19, 2015
it said that its action was based on the report of a detailed investigation into the 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, BGL Capital Limited and BGL Securities Limited whose particulars are contained in the Commission’s record as at December 2014 be suspended from performing any capital market activity.”
“All suspicious transactions observed in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation; and 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 a fair hearing,” the regulator said.
SEC had last month appointed and interim management to run BGL following complaints against the company by investors. The interim management was mandated to conduct a forensic audit of the companies operations among others following series of complains from various stakeholders.
