Business Top Stories

How renowned stockbroker, Okumagba, died

One of Nigeria’s frontline economists and stockbrokers, Albert Okumagba, is dead. He was 56. He was said to have collapsed in his Abuja office yesterday morning during a meeting, As at the time of going to press, the family was yet to confirm his death, while his body has been deposited at Maitama hospital. Okumagba, a chartered stockbroker, was born on April 4, 1964 in Warri, Delta State.

Albert, who served as director in many companies, became MD/CEO of BGL Ltd from 1995 until 2016 when he was accused of market infraction, which subsequently earned him a life ban from the Securities and Exchange Commission.

SEC, had in 2017, slammed a life ban on him as the Group Managing Director, BGL Group and his deputy, Mr Chibundu Edozie. Reacting to his death, Managing Director/CEO, Highcap Securities Limited, David Adonri, said the news of his demise was a complete disaster for market operators despite his life ban. Similarly, Managing Director/Chief Executive Officer, BIC Consultancy Services, Dr Boniface Chizea, said Albert was one of the major contributors to the development of Nigeria’s capital market.\“Albert Okumagba’s passing is very sad. It is very sudden and untimely because he was not an old man.

He made a lot of contributions to the financial markets, especially the stock market.” To Sunny Nwosu, Founder and Chairman emeritus, Independent Shareholder Association of Nigeria (ISAN), Albert was an intelligent and gentle man.

“Albert was a very forceful and intelligent gentleman in the capital market, but life has its uniqueness that made him do certain things, which made him run into trouble with the regulators. “It is sad that he died when the nation need him most. But death is a destiny that belongs to God. I pray that God will give him rest,” he said.

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