By Modupe Gbadeyanka
Deputy Managing Director of BGL Group, Mr Chibundu Edozie, who was banned in 2016 by the Securities and Exchange Commission (SEC) from participating in capital market activities for 20 years, has been granted bail by the Chief Magistrate Court, Zone 6, Abuja.
Mr Edozie, who exited the board of Transcorp Plc after the 2016 ban, was arraigned in court yesterday alongside three other persons on charges of criminal conspiracy, breach of trust and cheating.
They were accused of conspiring with some other staff of BGL Group to commit the offences against the investing public.
The accused persons were specifically arraigned as a result of a petition filed by Mahmoud Usman, Ann Orsule, Sylvanus Ghasarah, Eno Efanga, UN Staff Thrift Credit Cooperative Society of Anambra State (Abuja office) and Adejoke Atte, among others against them before the Securities and Exchange Commission.
At the court yesterday in Abuja, Chief Magistrate Chinyere Nwecheonwu granted Mr Edozie bail in the sum of N1 million, with one surety in the like sum who should not be less than a Level 12 officer and resident in Abuja.
Mr Edozie was accused of capital market fraud along with his boss, Mr Albert Okumagba, Managing Director of the company, who unfortunately was not in court yesterday and was also not represented.
Last year, SEC slammed 20-year ban on both the MD and his deputy after investigations into complaints from investors.
The investors had accused the company of failing to liquidate their investments in both the Guaranteed Consolidated dated notes and Guaranteed Premium Notes, among others.
After its probe into the matter, SEC directed the investment firm to refund over N2 billion to investors for market infractions contrary to Sections 96, 312, 322 and 323 of the Penal Code Law, Chapter 89.
Meanwhile, Chief Magistrate Chinyere Nwecheonwu, at the court on Thursday, adjourned the hearing to November 6.
