May 20, 2015/SEC

The Executive Management Committee of the Securities and Exchange Commission (SEC) at its meeting held on May 19, 2015 considered the report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group and directed as follows:

1.    That BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited be suspended from all Capital Market activities;

2.    That all Sponsored Individuals of BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited whose particulars are contained in the Commission’s record as at December 2014 be suspended from performing any Capital Market activity;

3.    That Mr. Albert Okumagba, the Group Managing Director of BGL Group, should cease to be a registered Sponsored Individual with the Commission following the withdrawal of the registration of BGL Plc as a Capital Market Operator. He is therefore no longer entitled to carryout Capital Market activities;

4.    That all suspicious transactions observed in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation; and

5.     That BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited and all individuals involved in the management of the said companies have been referred to the SEC Administrative Proceedings Committee (APC) which will give all parties to the cases a fair hearing.

SIGNED

MANAGEMENT