Reliable sources in the capital market, where Okumagba was highly respected, confirmed the news of his death. He was said to have died in Abuja, the Federal Capital Territory (FCT).
The cause of his death could not be ascertained as at the time of filing this report.
The Delta State born financial expert was the Group Managing Director of BGL Group, a leading investment banking and financial services group.
However, Okumagba was suspended from operating in the capital marke by the Securities and Exchange Commission (SEC) in 2015 when the commission found BGL guilty of complaints made by various investors. In 2017, SEC slammed a life ban on Okumagba, saying the ban was the final decisions of its APC in the matter of APC/1/2015: Rivers State Ministry of Finance & 31 Others V. BGL Plc & 31 Others.
Okumagba was President of Chartered Institute of Stockbrokers (CIS) between 2014 and 2015. The CIS is a not-for-profit professional institute providing training for professionals in stockbroking, securities and investment, fund and portfolio management, asset management, investment management, and other related fields.
Born in April 1964, Okumagba attended Federal Government College Warri, 1975-81; Kings College Lagos, 1983; University of lbadan and University of Lagos. He had Bachelor’s and Master’s Degrees in Economy.