Court Jails Man, Firm for N953m, $80,000 Fraud
By Wellington Jopelo
Justice Modupe Nicole-Clay of the Lagos State High Court, Ikeja, has convicted Victor Ogiemwonyi and his company, Partnership Securities Limited, for stealing N953,535,861.57 and $80,000 belonging to a petitioner, Mr. Arnold Onyekwere Ekpe.
The conviction followed a two-count charge filed by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, which accused the defendants of stealing, contrary to Section 285(1), (9)(b) and (c) of the Criminal Law of Lagos State, 2011.
Justice Nicole-Clay, in her judgment delivered on Wednesday, January 21, 2026, found both Ogiemwonyi, who is the chairman of the company, and Partnership Securities Limited guilty on all counts and ordered them to refund the full amount stolen in both naira and dollars.
The case originated from a petition filed in October 2016 by Ekpe, who alleged that he instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares, which were eventually sold for N1,296,885,311.02.
Out of the proceeds, the defendants reportedly paid only N300 million to the complainant and diverted the balance, including accrued dividends of $80,000, for personal use.
Following investigations, the EFCC arraigned the defendants on two counts of stealing. At trial, the prosecution, led by Ola Sesan, called five witnesses and tendered 67 exhibits, all of which were admitted in evidence by the court.
The defence called three witnesses, including the first defendant.
In sentencing, the court fined Ogiemwonyi N10 million, while Partnership Securities Limited was fined N20 million. The court also directed both convicts to restitute the entire sums stolen from the petitioner, in naira and in dollars.