Lagos High Court Convicts Stockbroker Victor Ogiemwonyi & Firm Alleged of Stealing N953m + $80,000 Investor Funds
A Lagos State High Court in Ikeja has convicted veteran stockbroker Victor Ogiemwonyi and his firm, Partnership Securities Limited, for stealing over N953 million and $80,000 belonging to investor Arnold Onyekwere Ekpe, a former Managing Director of Ecobank Transnational Incorporated (ETI).
Delivering judgment on Wednesday, January 21, 2026, Justice Modupe Nicole-Clay found the defendants guilty on a two-count charge of stealing, contrary to Section 285(1), (9)(b) and (c) of the Criminal Law of Lagos State, 2011.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, prosecuted the case following a 2016 petition by Ekpe through his counsel, Margaret Onyema. Ekpe alleged he instructed Ogiemwonyi and Partnership Securities to sell his 96,077,872 units of ETI shares.
The shares were sold for N1,296,885,311.02, but the defendants reportedly remitted only N300 million to Ekpe in two tranches (N250m and N50m), dishonestly diverting the balance of N953,535,861.57 for personal use. They were also accused of stealing $80,000 in accrued dividends from the shares.
During trial, EFCC prosecutor Ola Sesan called five witnesses and tendered 67 exhibits. The defence presented three witnesses, including Ogiemwonyi himself.
Justice Nicole-Clay ruled that the prosecution proved its case beyond reasonable doubt, convicting Ogiemwonyi (Chairman of Partnership Securities) and the company on all counts.
Sentencing Details:
- Victor Ogiemwonyi: Fined N10 million.
- Partnership Securities Limited: Fined N20 million.
- Both ordered to make full restitution of the stolen sums (N953,535,861.57 and $80,000) to the complainant.
The conviction caps a long-running case that began with Ekpe’s petition in October 2016, amid earlier regulatory actions against Ogiemwonyi, including a lifetime ban from the Nigerian capital market by the Securities and Exchange Commission (SEC) over related professional misconduct allegations.
The EFCC hailed the judgment as a landmark win in its fight against financial crimes in the capital market, underscoring the importance of investor protection and accountability in Nigeria’s securities industry.
