The Securities and Exchange Commission (SEC) has suspended BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited from all capital market activities;
Also suspended from performing any capital market activities are 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.
The commission, in a statement made available to LEADERSHIP, yesterday in Abuja, said the suspensions came following the report of a detailed investigation into the various complaints received from investors against subsidiaries of the BGL Group.
It also noted that the report was considered by its executive management committee of at its meeting held on May 19, 2015, after which the sanctions were imposed.
Also, the commission said that Mr Albert Okumagba, the group managing director of the 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, adding that he is no longer entitled to carryout capital market activities.
The commission also said it has referred all suspicious transactions observed in the course of the investigation to the appropriate law enforcement agencies for further investigation while 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.
Source : Leadership