Lagos Court Convicts Stockbroker, Firm Over N953m And $80,000 Share Fraud

A Lagos State High Court sitting in Ikeja has convicted a stockbroker, Victor Ogiemwonyi, and his company, Partnership Securities Limited, for stealing over N953 million and $80,000 belonging to an investor.
Justice Modupe Nicole-Clay delivered the judgment on Wednesday, January 21, 2026, finding the defendants guilty of diverting proceeds from the sale of Ecobank Transnational Incorporated (ETI) shares.
The defendants were arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, 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 in October 2016 by the complainant, Mr. Arnold Onyekwere Ekpe, through his counsel, Messrs. Margaret Onyema. Ekpe alleged that he instructed the defendants to sell his 96,077,872 units of ETI shares, which were sold for N1,296,885,311.02.
According to the prosecution, the defendants paid only N300 million to the complainant and dishonestly diverted the balance of N953,535,861.57 for personal use. They were also accused of stealing $80,000, being part of the accrued dividends on the shares.
At trial, the prosecution, led by Ola Sesan, called five witnesses and tendered 67 exhibits, all of which were admitted in evidence. The defence called three witnesses, including the first defendant.
In her judgment, Justice Nicole-Clay held that the prosecution proved its case beyond reasonable doubt and found Victor Ogiemwonyi, Chairman of Partnership Securities Limited, and the company guilty on all counts.
The court sentenced Ogiemwonyi to a fine of N10 million, while Partnership Securities Limited was fined N20 million. The court also ordered the convicts to refund the entire sums stolen, both in naira and dollars, to the complainant.