SEC bans BGL MD, deputy for 20 years; orders firm to refund over N2 billion to investors

News Express |27th May 2016 | 3,874

The Securities and Exchange Commission (SEC) has banned the Managing Director of BGL, Mr Albert Okumagba, and his deputy, Mr Chibundu Edozie, from participating in capital market activities for 20 years.

A Channels TV report attributed the information to a SEC circular.

It said that the commission also ordered BGL to refund over two billion naira to investors, adding: “The ban followed complaints by investors against Okumagba and his company over failure, refusal and neglect to liquidate their investments in both the guaranteed consolidated dated notes and guaranteed premium notes, among others.”

•Photo shows BGL MD, Albert Okumagba.

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