SEC arraigns BGL officials for capital market fraud

Court sacks two House of representatives members

Securities and Exchange Commission (SEC) has arraigned the deputy managing director of BGL Plc, Chibundo Edozien, in a Wuse chief magistrates’ court in Abuja, for conspiring with some staff of the company to defraud the investing public.

The accused person, of Plot 417 Tigris Crescent, Maitama, Abuja, was docked on charges of criminal conspiracy, breach of trust and cheating.

Edozien also appeared in court on behalf of M/S BGL Plc, its asset management and Securities limited subsidiaries.

The prosecutor, Moshood Adeyemi, told the court that Edozien conspired with the company along with one Albert Okumagba, now at large and some other staff and cheated one Mahmoud Usman and four others.

Adeyemi further alleged that the accused cheated UN Staff Thrift and Credit Cooperative Society of Anambra, Abuja office, among others, who filed complaints against the defendant before the Securities and Exchange Commission (SEC).

Edozien, however, pleaded not guilty to the charges.

The magistrate, Chinyere Nwecheonwu, however, granted the accused bail in N1 million with one surety in like sum.

She said the surety must be a civil servant of grade level 12 and the office address must be verified by the prosecutor and the court registrar.

She added that the surety must present original appointment letter and promotion letter before the court and adjourned the case till Nov. 6 for hearing.

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