By Peter Egwuatu

The Securities and Exchange Commission, SEC  yesterday announced the suspension of the three subsidiaries of BGL Group from the Nigerian capital market following complaints of  financial impropriety by investors against the companies.

In a statement from the Commission received by Vanguard, it stated that the Executive Management Committee of the SEC at its meeting, Tuesday, considered the report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group and directed as follows:

“That BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited be suspended from all Capital Market activities;

“That 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;

“That Mr. Albert Okumagba, the Group Managing Director of BGL Group, should cease to be a registered sponsored Individual with the commission following the withdrawal of the registration of BGL Plc as a Capital Market Operator. He is therefore no longer entitled to carryout Capital Market activities;

“That all suspicious transactions observed in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation; a

“That 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.”

Recall that the SEC recently suspended the management of BGL securities.

Consequently, the Commission appointed an Interim Management Board,IMB, for the company headed  by Mr. Oladipo Aina to investigate and submit report for its findings.