By InvestAdvocate

Lagos (INVESTADVOCATE)-Albert Okumagba, group managing director (GMD) of BGL Plc, was this morning arrested by the Securities and Exchange Commission to the Nigeria Police Force.

This is coming on the heels alleged fraud involving Okumagba and the BGL Group in the Nigerian Capital Market (NCM).

A source at the Commission (name withheld) because not permitted to speak on the matter  told InvestAdvocate that Okumagba and his companies were suspended last May after failing to appear before the APC to respond to allegations of corruption.

“This is a true story, Albert Okumagba was arrested this morning to the police unit in our office at Abuja,” the source affirmed.

As at the time of filing in this report, the source said he has been taken to a police in the area; but would not disclose the name of the station for reasons. InvestAdvocate gathered that as at 5.00 pm this evening, he is still with the police.