The Securities and Exchange Commission (SEC) has banned the Managing Director of BGL, Mr Albert Okumagba, and his deputy, Mr Chibundu Edozie, from participating in capital market activities for 20 years.

This information was contained in a circular posted on the commission’s website.

The commission also ordered Okumugba’s companies to refund over two billion naira to investors.

The ban followed complaints by investors against Okumagba and his company over failure, refusal and neglect to liquidate their investments in both the guaranteed consolidated dated notes and guaranteed premium notes, among others.