BGL Group eroded shareholders’ fund by N48bn- SEC preliminary report, Okumagba remains suspended

The Securities and Exchange Commission (SEC) on Thursday said that preliminary report of forensic auditors on BGL Group Plc revealed that the company eroded its shareholders’ funds to the tune of N48 billion.

The commission in a statement posted on its website said that the company’s management progressively eroded its shareholders’ funds through losses sustained over a five-year period totaling about N48 billion as of Dec. 31, 2014.

“From the preliminary report of the forensic auditors, it was revealed, among other facts, that indeed BGL Group was in a critical financial state,” said the statement.

It also stated that the commission received over 40 letters of investors’ complaints against BGL Group Plc alleging indebtedness to the tune of about N5.8 billion.

Click for more

http://www.ionigeria.com/bgl-group-eroded-shareholders-fund-by-n48bn-sec-preliminary-report-okumagba-remains-suspended/