Group Managing Director of BGL Securities Ltd, BGL Assets Management Ltd, Mr. Albert Egba Okumagba is in hot soup. About 10 fresh complainants value over N2.9 billion have been made against BGL Group by investors to the Securities and Exchange Commission (SEC).

SEC has now invited the management of BGL to appear before its Administrative Proceedings Committee to answer complaints from investors on February 3, 2016. We gathered the investors complained of violations of the Investments and Securities Act 2007, SEC Rules and Regulations and the Code of Conduct for Capital Market Operations.

Following complaints valued over N10 billion, BGL Group was suspended from the capital market by SEC in May 2015, SEC also directed that Mr. Albert Okumagba should be de-registered with the commission and BGL Group registration was equally withdrawn.

That’s not all, SEC said that all suspicious transactions in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation.