Fraud Case: Lagos Court Sentences Stockbroker and Firm Over N953.5m, $80,000 ETI Shares

A Lagos State High Court in Ikeja has found Victor Ogiemwonyi and his company, Partnership Securities Limited, guilty of defrauding N953.5 million and $80,000 from the sale of Ecobank Transnational Incorporated (ETI) shares. Justice Modupe Nicole-Clay delivered the judgment on January 21, ruling that the defendants unlawfully converted proceeds from the sale of 96,077,872 ETI shares belonging to complainant Arnold Onyekwere Ekpe.

The Economic and Financial Crimes Commission (EFCC) prosecuted the case on two counts of stealing under Sections 285(1), (9)(b), and (c) of the Lagos State Criminal Law, 2011. Investigations showed that although the shares sold for N1.297 billion, only N300 million was paid to Ekpe, with the balance allegedly misappropriated, including $80,000 in dividends.

Justice Nicole-Clay convicted both defendants on all counts, imposing fines of N10 million on Ogiemwonyi and N20 million on Partnership Securities Limited, while ordering full restitution of the misappropriated funds in naira and dollars.