Finance guru, economist, Managing Director and Chief Executive Officer of BGL Plc, Albert Okumagba, has died on Thursday morning in Abuja, reportedly after a brief illness. BGL Plc is an investment banking firm that offers financial advisory, corporate finance, private banking, and asset management services to institutional, corporate, government and ultra high net worth clients.
A source said he “came out of a meeting and said he was not feeling well. He then said he could not breath and promptly packed up either on the way to hospital or in the hospital”. He was 56.
His sojourn at the Nigerian captal market came to an end when he was banned for 20 years from participating in capital market activities in 2016 by the Securities and Exchange Commission (SEC) alongside his deputy, Mr Chibundu Edozie.
According to SEC’s Administrative Proceedings Committee (APC), which gave its decision on BGL Securities Ltd and 22 Others, also ordered Okumagba’s companies to refund to investors over N2 billion.
The ban followed complaints by investors against Okumagba and his company over failure, refusal and or/neglect to liquidate their investments in both the Guaranteed Consolidated dated notes and Guaranteed Premium Notes, among others.
SEC pointed out that, in a bid to obtain justice for the complainants and grant all parties fair hearing, presented the matter before its Administrative Proceedings Committee (APC) which sat on February 6, 2016.
“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,” it stated.