A GROUP MANAGING DIRECTOR ''OKUMAGBA'',ARRESTED YESTERDAY NIGHT BY THE EFCC FOR FRAUD.

              According to sources,late yesterday night,EFCC {Economic and Financiak Crimes Commission} arrested the Group Managing Director of BGL PLC,51 year old Mr Albert Okumagba,the company is into financial services and he was arrested for offences relating to stealing and obtaining money by false pretences.Albert Okumagba who hails from Delta state,was picked up late yesterday night.His arrest was triggered by investigation into a petition submitted to the anti graft agency by the Security and Exchange Commission {SEC},in May 2015.Albert was alleged to have diverted the sum of N28.6 billion being proceeds of private placements of 4.3 billion 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 country's shares,promising them options o liquidity and exit within two years.The liquidity and exit options offered the investors,which were contained in its memorandum of private placements,implies that the investors would get value for their investments through one of ts subsidiaries,BGL Securities Limited.But BGL moved the sum of N28.9 billion to an offshore account belonging to one of its subsidiaries,BV1 Club1,British Virgin Island.The suspect was also said to have refused the investors the opportunity to liquidate their assets as promised.Investigation also revealed that though the suspect allegedly promised the investors that BGL would be listed on the SEC via an Initial Private Offer {IPO},within 24 months after the private placements turned out to be a ruse.One more photo below.