Securities and Exchange Commission (SEC), yesterday suspended one of Nigeria’s leading investment banking groups, BGL Group, and its subsidiaries from all capital market activities. In a statement, SEC stated its decisions were based on the “report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group”. The decisions were taken by the executive management committee at its meeting on Tuesday. SEC had late April intervened in the operations of BGL Group Plc, suspended its board and set up an interim management board for the group. The interim management board, headed by a former president of Chartered Institute of Stockbrokers (CIS), Mr Oladipo Aina, was mandated to conduct full investigation into the operations of BGL Group. Other members of the interim board were Mr. Abubakar Ambursa, Mrs. Hafsat Rufai, Ms. Temitayo Siyanbola and Ms. Tonne Ladipo-Ajayi. On the basis of the investigation report, SEC yesterday announced the suspension of BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited from all capital market activities. The Commission also directed that all major officials and 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 last year be suspended from performing any capital market activity. SEC particularly cited Mr. Albert Okumagba, the group managing director of BGL Group and directed that Okumagba, who was the president of CIS before the April sack of the board, 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. With this directive, Okumagba, one of the most influential capital market operators, will therefore no longer be entitled to carry out capital market activities. Besides, the apex capital market regulator stated that it has referred what it described as “suspicious transactions” observed in the course of the investigation to the appropriate law enforcement agencies for further investigation. As stated by the statement, BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited and all individuals involved in the management of the companies have also been referred to the Administrative Proceedings Committee (APC) of SEC for further trial.