Lagos Court Convicts Victor Ogiemwonyi, Partnership Securities Over N953.5m, $80,000 Share Sale Fraud

Lagos Court has convicted Victor Ogiemwonyi and Partnership Securities over N953.5m, $80,000 Share Sale Fraud.

 

NewsOnline Nigeria reports that the Lagos State High Court has convicted Victor Ogiemwonyi and his firm, Partnership Securities Limited, for stealing N953.5 million and $80,000 in a share sale transaction.

 

The Economic and Financial Crimes Commission (EFCC) disclosed the conviction in a statement posted on its official X (formerly Twitter) account on Thursday.

 

According to the Commission, Justice Modupe Nicole-Clay of the Lagos State High Court sitting in Ikeja found Ogiemwonyi and Partnership Securities Limited guilty on two counts of stealing, contrary to the Criminal Law of Lagos State, 2011.

 

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The EFCC stated that the case arose from a petition filed in October 2016 by the complainant, Arnold Onyekwere Ekpe, who alleged that he engaged the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares.

 

Investigations revealed that the shares were sold for approximately N1.29 billion, but the defendants remitted only N300 million to the investor, while diverting the remaining N953,535,861.57 for personal use. The court also found that the defendants failed to remit $80,000 in dividends accruing from the same shares.

 

The prosecution told the court that between June and September 2016, Ogiemwonyi and his company dishonestly converted the funds entrusted to them. During the trial, the EFCC presented five witnesses and tendered 67 exhibits, all of which were admitted in evidence. The defence, on the other hand, called three witnesses, including Ogiemwonyi himself.

 

In her judgment delivered on Wednesday, January 21, 2026, Justice Nicole-Clay held that the prosecution had proved its case beyond reasonable doubt and consequently convicted both defendants on all counts.

 

The court sentenced Ogiemwonyi to a fine of N10 million and fined Partnership Securities Limited N20 million. In addition, the court ordered the convicts to refund the entire stolen sums both in naira and dollars to the complainant.

 

The EFCC noted that the conviction underscores its continued efforts to combat high-value financial crimes and protect investors within Nigeria’s capital market.