A Lagos State High Court sitting in Ikeja has convicted stockbroker Victor Ogiemwonyi and his firm, Partnership Securities Limited, over a massive financial fraud involving N953.5 million and $80,000 linked to Ecobank Transnational Incorporated (ETI) shares. The judgment, delivered by Justice Modupe Nicole-Clay on January 21, followed a lengthy trial prosecuted by the Economic and Financial Crimes Commission (EFCC).

The court found that the defendants unlawfully converted proceeds from the sale of over 96 million ETI shares belonging to businessman Arnold Onyekwere Ekpe. Although the shares were sold for more than N1.29 billion, only N300 million was paid to the owner, while the balance was diverted for personal use. Investigations also revealed that $80,000 in dividends from the shares was misappropriated.

During the trial, the EFCC presented multiple witnesses and documentary evidence to support its case. The defence also called witnesses, including Ogiemwonyi himself, but the court ruled that the prosecution had proven the allegations beyond reasonable doubt. Justice Nicole-Clay held both the individual and the company liable for stealing under Lagos State criminal laws.

As punishment, the court fined Ogiemwonyi N10 million and Partnership Securities Limited N20 million. In addition, both were ordered to refund the full amount of the stolen funds in naira and dollars to the complainant. The ruling sends a strong warning to players in the capital market against abusing investors’ trust.