It was literally a black evening for Stockbrokers yesterday, when the news of untimely death of a foremost Stockbroker, astute economist and former President of the Chartered Institute of Stockbrokers (CIS), Albert Okumagba filtered through the social media. He was aged 56.
His death in Abuja, the Federal Capital Territory (FCT), in the early hours of yesterday has been attributed to heart attack as the family awaits the autopsy report.
The Delta State-born monetary economist and financial expert was the Group Managing Director of BGL Group, a leading investment banking and financial services group.
The death has been attracting outpouring of lamentation and tributes from the Capital Market ecosystem with emphasis on his sterling qualities and laudable contributions to the market in general and Institute in particular. He was the Institute’s President from 2014 to 2015.
In a statement signed by the Institute’s Registrar and Chief Executive, Mr Adedeji Ajadi, the President, Mr Olatunde Amolegbe described Okumagba’s death as a great loss to the Capital Market.
“Okumagba was a dedicated stockbroker who demonstrated uncommon commitment to the Institute and the profession as a whole. An astute thinker and big dreamer, he initiated several laudable initiatives which benefitted the Institute immensely. His death is a great loss to the Institute and the Nigerian capital market. He will be sorely missed by all of us who knew him and worked with him. May God grant him eternal rest, and grant his family, friends and colleagues fortitude to bear this great loss,” the institute said.
Born on April 4, 1964, Okumagba attended Federal Government College Warri, 1975-81; Kings College Lagos, 1983 and University of lbadan and University of Lagos where he earned his Bachelor’s and Master’s Degrees in Economics respectively.
On May 20, 2015, Okumagba encountered a setback, following his suspension from the capital by the Securities and Exchange Commission (SEC) when the Commission found BGL guilty of complaints made by various investors. The company’s registration was also withdrawn.
“ At death, Albert’s sterling contributions to market development have bullied his challenge with SEC. This is quite revealing in the reactions of our colleagues to his shocking death. By any metric, he was a great man’, a source told The Kernel last night.