SEC Lifts Embargo on 9 BGL Officials as Ban Expires

By Dipo Olowookere

Nine officials of BGL Group Plc earlier barred from operating in the Nigerian capital market can now consider a career in the sector, if they intend to, after serving their punishments.

The affected capital market operators were banned by the Securities and Exchange Commission (SEC) after they were found guilty of committing infractions in the course of carrying out their duties.

The nine persons, who can now operate in the market, were banned between one and two years and they are; Nkechi Azubuike, Adekunle Wasiu Alli, Andre Ewubare, Mohan Lalchandani, Joshua Sesan Adetiloye, Victor Inyang, Hilary Eledu, Ehime Evelyn Alofoje and Ms Mshelia Clara Bittinger.

SEC, in a statement, said Nkechi Azubuike, who was banned for one year, had hers expired on May 2017, while the one-year ban on Adekunle Wasiu Alli also elapsed on May 2017, with the two-year ban on Andre Ewubare expiring on May 2018.

On the part of Mohan Lalchandani, the one-year ban ended May 2017, the two-year ban on Joshua Sesan Adetiloye finished May 2018, the two-year ban on Victor Inyang elapsed on May 2018, the two-year ban on Hilary Eledu also stopped in May 2018, while the two-year ban on Ehime Evelyn Alofoje ended May 2018, with the one-year ban on Ms Mshelia Clara Bittinger expiring in May 2016.

How Trouble Started

Business Post reports that the apex capital market regulator in Nigeria took its decision on the nine persons after its Administrative Proceedings Committee (APC) passed its judgement in respect of BGL Group in APC/1/2015: Rivers State Ministry of Finance & 31 Others V. BGL Plc & 31 Others and APC/1/2016: Afolabi Gabriel Oluwaseyi & 9 Others V. BGL Securities Ltd & 22 Others.

Group Managing Director of BGL Group Plc, Mr Albert Okumagba, was unlucky as he got a life ban from SEC for alleged criminal conspiracy, breach of trust and cheating through his activities in the capital market.

They got introuble after some investors wrote a petition to the regulator, claiming that Mr Okumagba and other top officials of the company failed, refused and/or neglected to liquidate their investments in both the Guaranteed Consolidated dated notes and Guaranteed Premium Notes, among others.

In May 2016 the commission cancelled the registration of BGL Securities and BGL Assets Management.