I have heard wonderful news from the BGL stables: the renewal of its licenses by the SEC.
Although the news seems belated, it is still noteworthy to cheer and congratulate those who fought assiduously for this renewal.
It also affirms the market’s expectations, given the sturdy, “never-say-die” spirit that made BGL the capital market giant it was in its first era.
I have learned that all three licenses—Asset Management, Stockbroking, and Issuing House—were reinstated, and a Holdco-type structure has been introduced as part of a massive restructuring.
BGL has achieved mythical status in reputation. Despite its fall, it remains one of the most enigmatic brands in the eyes of capital market observers.
Its legendary promoter, Albert Okumagba, drove a machine that secured numerous mandates and executed some of the market’s most strategic transactions, including the Access Bank/Intercontinental Bank and UBA/Standard Trust Bank mergers, as well as the Dangote IPO. These transactions paved the way for the market-driven economy we have today.
Many of the companies BGL supported have since grown into global giants, with massive footprints in the global economy. Take Transcorp, UBA, and Access Bank, for example—institutions where Albert’s BGL played critical roles, not only in their formation but also in providing strategic direction. These companies have since achieved global recognition and influence.
At its peak, BGL sent teams into government. People like Laide Agboola served at the Finance Ministry, and Raymond Abia is now a key player in the Nigerian gas industry through his partnership with Julius Rone. Laide went on to build the multi-billion Naira Purple franchise, which owns the Maryland Mall and recently launched Purple Lekki in Lagos, Nigeria.
BGL was a factory for brilliant investment bankers who carried its spirit into building billion-Naira investment outfits.
Nonso Okpala’s VFD Group readily comes to mind—a replica of BGL, with interests in asset management, microfinance, and stockbroking. VFD is now expanding into fintech, media, entertainment, and AI as a key growth driver, cementing its status as one of the most accomplished BGL alumni.
Other alumni include Kayode Fadahunsi’s Prosperis Group, which, alongside Efe Shaire, recently launched the multi-billion Naira Infrastructure Fund—the first of its kind to be listed on the NGX. Other notable alumni include Ismael Ebodaghe, a brilliant capital market lawyer, and Flora Fabyan, now the Managing Director of BOI Trustees.
BGL also played a role in salvaging distressed firms. For instance, Cornelius Oboh and his team resuscitated the then-dying media giant Daar Communications, owners of RayPower and AIT.
At its peak, BGL housed some of the most brilliant investment bankers, such as Wale Oluwo (now running Boston Advisory), Adaeze (former Director at the Federal Mortgage Bank and Commissioner of Finance in Edo State), and Teddy Okumakugbe. This brilliance made the firm’s fall all the more significant, signaling the end of an epoch in the market.
The fall was rooted in unbridled growth, inadequate structures, and a lack of strategic leadership, leading to inefficiencies, mounting debt, and eventually, regulatory intervention.
Today, BGL is back. Those familiar with its fighting spirit are unsurprised by this resurgence. However, its second coming requires strategic thinking and recognition of the changing market landscape.
This is a digital era, with new investment classes and borderless competition. The new BGL must adapt to this reality and build on its legacy with a younger, tech-savvy management team. Leadership must transition to fresh faces who embody the BGL spirit while understanding modern investment banking.
Additionally, ownership must be broadened. While creditors converting to equity shareholders is a start, a capital raise within the first year is critical to entrench corporate governance, strengthen reporting, and provide financial stability.
While the prospect of the new BGL is exciting, optimism should remain cautious. Its resurgence will require careful planning, robust leadership, and strong governance to thrive in this new era.
Joseph Edgar is the Lead Consultant of Barnaby and Edgar, a family-owned consulting firm specializing in financial placements.
