Operatives of the Economic and Financial Crimes Commission have yet to release the Group Managing Director of BGL Plc, a Lagos-based financial services company, Mr. Albert Okumagba, who was picked up on Wednesday for alleged N28.9bn fraud.
A top operative of the commission confided in our correspondent on Friday that the BGL’s boss was still being grilled by interrogators as of 6pm on Friday.
The source said that the operatives had been able to trail the movement of the N28.9bn to the British Virgin Island.
However, the source could not say when Okumagba would appear in court, saying investigation into the matter was still ongoing.
The source said, “The GMD of BGL, Okumagba, is still with us at the commission. As we are talking now, the man is still being interrogated.
“The fact is that operatives have been able to trace the movement of the funds to the British Virgin Island.
“For now, I don’t think anyone can talk about when he would appear in court because the investigation has not been concluded.
“It is after the conclusion of investigation that the commission would get to the stage of going to court to prosecute him or not.”
The EFCC had arrested Okumagba on Wednesday in reaction to a petition by the Securities and Exchange Commission, containing allegations of fraud against him.
The SEC accused the BGL’s GMD of diverting N28.9bn realised from a private placement of N4.3 ordinary shares of 50k at N7.00 per share in 2007.
An operative of the commission said that investigation into the SEC’s allegation revealed that the money was moved to an offshore account of a subsidiary of BGL Plc, BV1 Club 1, at the British Virgin Island.
It was alleged that 50 investors were lured to commit their funds into the company’s shares with a promise of liquidity and exit within two years of the offer which was not fulfilled.
The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, confirmed to our correspondent on the telephone that the EFCC was still holding the BGL’s boss as of the time of filing this report as of 6pm on Friday.
“I can confirm to you that he (Okumagba) is still with the commission and investigation into the matter is on-going,” he said.