A Lagos State High Court sitting in Ikeja has convicted one Victor Ogiemwonyi and his company, Partnership Securities Limited, for stealing over ₦953 million and 80,000 United States dollars from the proceeds of a share transaction.
Justice Modupe Nicole-Clay, in a judgment delivered on Wednesday, January 21, 2026, found Ogiemwonyi, Chairman of Partnership Securities Limited, and the firm guilty on two counts of stealing brought against them by the Economic and Financial Crimes Commission (EFCC).
The defendants were arraigned by the EFCC, Lagos Zonal Directorate 1, on charges 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. He alleged that he instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares, which were reportedly sold for ₦1,296,885,311.02.
According to the prosecution, the defendants paid only ₦300 million from the proceeds to the complainant and dishonestly diverted the balance for their personal use. Investigations subsequently led to the filing of a two-count charge against the defendants, including the unlawful conversion of ₦953,535,861.57 and $80,000, said to be 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 by the court. The defence called three witnesses, including the first defendant.
In her ruling, Justice Nicole-Clay held that the prosecution had proved its case beyond reasonable doubt and accordingly convicted both defendants on all counts.
The court sentenced Ogiemwonyi to pay a fine of ₦10 million, while Partnership Securities Limited was fined ₦20 million. The court also ordered the convicts to refund the entire sum stolen from the complainant, both in naira and in United States dollars.
