Photo Caption: Chibundu Edozie of BGL arriving the court with his sister and SP Kayode Awe of the SEC Police Unit for the arraignment

Managing Director of BGL Plc, Albert Okumagba, absent in court and had no representation, as the Securities and Exchange Commission (SEC) arraigned at the Chief Magistrate Court Zone 6, Abuja over alleged capital market infractions.
The BGL officials are accused of criminal conspiracy, Breach of Trust and cheating contrary to Sections 96, 312, 322 and 323 of the Penal Code Law, Chapter 89.
Deputy Managing Director of the Company, Chibundu Edozie who was however in court and was docked along with three other accused who allegedly conspired with some other staff of BGL and committed the offenses against some investors
The investors who filed complaints against the BGL executives before the SEC included: Mahmoud Usman, Ann Awase Orsule, Sylvanus C. Ghasarah, Eno Efanga, UN Staff Thrift Credit Cooperative Society of Anambra State Abuja office and Adejoke Atte, among others.
Edozie was however granted bail in the sum of N1.0m with one surety in the like sum who should not be less than a Level 12 officer and resident in Abuja.
Presiding Magistrate, Chief Magistrate Chinyere Elewe Nwecheonwu adjourned the hearing to November 6, 2017.
Recall that the SEC in exercising its responsibility as enshrined in the ISA, in tackling civil cases through its Administrative Proceedings Committee (APC) recently banned Okumagba and Edozie from participating in capital market activities for 20 years.
The commission also ordered Okumugba’s companies to refund to investors over N2bn.
The investors had complained that Okumagba and his company failed, refused and or/neglected to liquidate their investments in both the Guaranteed Consolidated dated notes and Guaranteed Premium Notes, among others.
The SEC in a bid to obtain justice for the complainants and grant all parties fair hearing, presented the matter before its APC.
“During the proceedings testimonies and documentary evidence were tendered by various parties and upon conclusion of the proceedings its APC arrived at a decision which has been approved by the relevant authority,” SEC stated.
The APC decided that by their actions and/or omissions BGL Securities Ltd, BGL Asset Management Ltd., Okumagba, Edozie and other respondents engaged in acts capable of adversely affecting investors’ confidence in the capital market.
It added that the APC decided that the registration of BGL Securities and BGL Assets Management be cancelled, while Okumagba and Edozien be banned from capital market operations for a period of 20 years.
It stated further that the two companies would also pay a fine of N25 million for breaching Rule 1(iii) of the Code of Conduct for capital market operators.
“Other than Okumagba and Edozie, Peter Adebola and Ashley Osuzoka have also been banned for five years and four years respectively,” it added.
The APC, apart from the ban placed on them and some monetary fines, directed the companies to refund N24.03m to the National Open University Staff Cooperative Multipurpose Society.