BGL Group loses N48bn shareholders’ fund – Forensic Report

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Albert Okumagba, Managing Director, BGL Group
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 totalling 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 …Read More

Source:: PM Newspaper