Choi! See what E.J Johnson wore to a New York Party (Photos)

EJ Johnson wore this outfit to a party at New York Fashion Week yesterday. Well...

EFCC arrests BGL boss, Okumagba over alleged N28.9bn fraud

The Managing Director of BGL Plc, Mr. Albert Okumagba, has been arrested by officials of the Economic and Financial Crimes Commission EFCC for allegedly being involved in a N28.9bn fraud.

According to Punch, Okumagba was arrested on Wednesday September 9th following a petition 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. The 51year 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"the source said

The source added that contrary to promises made to them by Okumagba, his investors were not able to liquidate their assets. He also failed to fulfill a promise of listing his organization, BGL on the Securities and Exchange Commission two years after the offer in 2008. 

Confirming his arrest, the Head of Media and Publicity of the EFCC, Wilson Uwujaren said he was being interrogated. No fewer than 40 petitions were said to have been sent to the SEC against BGL by aggrieved capital market investors in the country as well as the Rivers State Ministry of Finance.

Fayose, Wike kick against death penalty for corrupt govt officials

Governors of Ekiti and Rivers state have kicked against the suggestion that government officials found guilty of stealing the Nations treasury should be sentenced to death.

The state governors spoke against this during the National rallies held by NLC members to canvass for support for the Buhari anti corruption drive as well as call for death penalty to be enforced on corrupt government officials.

Speaking through his Chief Press Secretary, Idowu Adelusi, Fayose argued that death penalty which has been enforced in some other countries has not stopped the looting of public funds in those countries.

“In countries where death penalty was introduced, it has not stopped looting. In advanced countries like US, jail sentence is the penalty. What we need is proper moral education to change orientation of the people. Jail sentence is better; it can reform,” he told Punch

In the same vein, the Rivers state Governor, Nyesom Wike who spoke through his media aide, Opunabo Inko-Tariah, said that death penalty was practiced in the military regime. He however called for a review of the laws on looting the Nations treasury

“Nigerians have a role to play by deriding looters and not to praise them for their fiscal irresponsibility. There should be a strong punitive measure to discourage looting because of its domino effects. When a treasury is looted, there won’t be money for the provision of necessities such as hospitals, roads, etc. Maybe because it happened in Ghana and the economy improved, the labour organisations want it in Nigeria. But that was a military regime and Jerry Rawlings was a military man. However, the extant laws on looting need serious and urgent review, even if the death penalty is discouraged.”he said

Ondo state governor, Olusegun Mimiko, who spoke through his information commissioner, Kayode Akinmade, said due process must be followed if Nigerians agree that the death penalty is what should be meted on corrupt officials.

“We are not under a military rule; this is democracy and we have constitution that we follow. If it is put in the Constitution of the Federal Republic of Nigeria, irrespective of whether you are a governor or not, so be it. If that is what Nigerians want, it is okay. Everybody is against corruption, but there is a process of making law. Thank God we have a National Assembly and the state assemblies who are representative of the people. If such bill could be sent to the national and state assemblies and be passed into law, it must become a law. If the process is followed and it is the wish of Nigerians that looters be killed, why not? Let it become a law. It is a fact that Nigerians are not happy with this corruption tag, which has slowed down our economic development but if we have a law that will bring about capital punishment for the looters, it is okay.”he said