Justice Modupe Nicole-Clay of the Lagos State High Court sitting in Ikeja, Lagos, on Wednesday, January 21, 2026, convicted one Victor Ogiemwonyi and his company, Partnership Securities Limited, for stealing the sum of N953,535,861.57 (Nine Hundred and Fifty-Three Million, Five Hundred and Thirty-Five Thousand, Eight Hundred and Sixty-One Naira, Fifty-Seven Kobo) and $80,000.00 (Eighty Thousand United States Dollars).
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, arraigned the defendants on a two-count charge bordering on stealing, contrary to Section 285(1), (9) (b) and (c) of the Criminal Law of Lagos State, 2011.
The case arose from a petition filed sometime in October 2016 by the nominal complainant, Mr Arnold Onyekwere Ekpe, through his counsel, Messrs Margaret Onyema. The petition alleged that he instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares, which were sold at the rate of N1,296,885,311.02.
Out of the proceeds of the sale, the defendants paid only N300,000,000.00 to the complainant, while they dishonestly diverted the balance for personal use.
Following investigations, the defendants were charged with two counts of stealing.
At trial, the prosecution, led by Ola Sesan, called five witnesses and tendered 67 exhibits, all of which were admitted and marked by the court. The defence, on its part, called three witnesses, including the first defendant.
Count one reads: ”Victor Ogiemwonyi and Partnership Securities Limited between June, 2016 and September, 2016 at Lagos within the jurisdiction of this honourable court dishonestly stole the sum of N953, 535,861.57 (Nine Hundred and Fifty Three Million, Five Hundred and Thirty Five Thousand, Eight Hundred and Sixty-one Naira Fifty-seven Kobo) being part of the proceeds of the sale of 96, 077, 872 Ecobank Transnational Incorporated Shares, property of Mr Arnold Onyekwere Ekpe.”
Count Two reads: “Victor Qgiemwonyi and Partnership Securities Limited sometime between June 2016 and July 2016 at Lagos within the jurisdiction of this honourable court dishonestly stole the sum of USD$80,000.00 (Eighty Thousand United States of America Dollars), which formed part of the accrued dividends on 96, 077,872 Ecobank Transnational Incorporated Shares, property of Mr Anold Onyekwere Ekpe”.
Delivering judgment on Wednesday, Justice Nicole-Clay found Victor Ogiemwonyi, Chairman of Partnership Securities Limited, and the company guilty on all counts.
The court sentenced the first convict to pay a fine of N10 million, while the second convict was ordered to pay a fine of N20 million. Also, the court directed the convicts to pay back the entire money stolen from the petitioner, both in naira and dollars.
