Operatives of the Economic and Financial Crimes Commission have arrested the Group Managing Director of BGL Plc, a Lagos-based financial services company, Mr. Albert Okumagba, for alleged N28.9bn fraud.

Okumagaba is being questioned for allegedly obtaining money by false pretences.

Okumagba yesterday sought to regain his freedom but Justice Mohammed Yunusa refused to grant the ex parte application argued by his counsel, Kolawole Reheem.

He also refused to order the EFCC to appear in court to justify why Okumagba’s prayers should not be granted.

DAILY POST gathered that Okumagba was picked up by the anti-graft operatives on Wednesday in response to a petition by the by the Security and Exchange Commission in May, 2015.

“The EFCC has arrested Mr. Albert Okumagba, Group Managing Director of BGL Plc, a financial services company, for offences allegedly bordering on obtaining money by false pretences,” an EFCC source said told The Punch.

“The 51-year-old, who hails from Delta State, was picked up late Wednesday, September 9, 2015, by operatives of the EFCC.

“His arrest was triggered by investigation into a petition submitted to the anti-graft agency by the Security and Exchange Commission in May 2015.

“The suspect is alleged to have diverted the sum of N28.9bn being proceeds of private placements of 4.3bn 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 company’s shares, promising them options of liquidity and exit within two years.”

Furthermore, the investors were not able to liquidate their assets contrary to the promise made to them and that an alleged promise that BGL would be listed on the Securities and Exchange Commission two years after the offer in 2008 was not fulfilled.

The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, has confirmed the arrest and interrogation of the BGL boss.

The SEC had earlier announced the suspension of the BGL Group from capital market activities on the strength of the allegations contained in the petitions.

But on May 27, 2015, BGL had obtained an interim injunction by Justice Saliu Saidu restraining SEC from suspending it from participating in capital market activities.

Also on July 21, 2015, the firm obtained another interim injunction by Justice Mohammed Idris stopping the plan by SEC to hear the various petitions against it.