A Lagos State High Court sitting in Ikeja has convicted a man, Victor Ogiemwonyi, and his company, Partnership Securities Limited, for stealing over ₦953 million and $80,000 in a share transaction fraud.
Justice Modupe Nicole-Clay delivered the judgment on Wednesday, January 21, 2026, after finding the defendants guilty on two counts of stealing brought against them by the Economic and Financial Crimes Commission (EFCC).
The EFCC, through its Lagos Zonal Directorate 1, had arraigned Ogiemwonyi and the company on charges bordering on stealing, contrary to the Criminal Law of Lagos State, 2011.
The case stemmed from a petition filed in October 2016 by the complainant, Mr Arnold Onyekwere Ekpe, who alleged that he mandated the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares. The shares were sold for about ₦1.29 billion, but only ₦300 million was reportedly remitted to him, while the balance was allegedly diverted by the defendants.
Investigations by the EFCC revealed that the defendants also withheld $80,000, said to be part of the dividends accrued on the shares.
During the trial, the prosecution called five witnesses and tendered 67 exhibits, all of which were admitted by the court. The defence presented three witnesses, including the first defendant.
In her ruling, Justice Nicole-Clay held that the prosecution proved its case beyond reasonable doubt and accordingly convicted Ogiemwonyi, who is the chairman of Partnership Securities Limited, and the firm on both counts.
The court fined Ogiemwonyi ₦10 million, while Partnership Securities Limited was ordered to pay a ₦20 million fine.
In addition, the court directed the convicts to refund the entire sums stolen from the complainant, both in naira and United States dollars.
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