Court jails stockbroker, firm for $80,000, N953m Ecobank shares fraud

Abdullateef Fowewe

Justice Modupe Nicole-Clay of the Lagos State High Court in Ikeja, has convicted Victor Ogiemwonyi and his company, Partnership Securities Limited, on Wednesday, January 21, 2026, for stealing N953,535,861.57 and $80,000 from investor Arnold Onyekwere Ekpe.

The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate secured the convictions on two counts of stealing under Section 285(1), (9)(b), and (c) of the Criminal Law of Lagos State, 2011.

The case stemmed from a 2016 petition by Ekpe, who instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares, fetching N1,296,885,311.02.

The defendants paid only N300 million, diverting the rest.
“Victor Ogiemwonyi and Partnership Securities Limited between the months of June, 2016 and September, 2016 at Lagos dishonestly stole the sum of N953,535,861.57 being part of the proceeds of sale of 96,077,872 Ecobank Transnational Incorporated Shares, property of Mr. Arnold Onyekwere Ekpe,” read Count One of the charges.

Count Two alleged: “Victor Ogiemwonyi and Partnership Securities Limited… dishonestly stole the sum of USD$80,000.00 which formed part of the accrued dividends on 96,077,872 Ecobank Transnational Incorporated Shares, property of Mr. Arnold Onyekwere Ekpe.”

EFCC prosecutor Ola Sesan presented five witnesses and 67 exhibits, while the defense called three, including Ogiemwonyi. Justice Nicole-Clay found both guilty, sentencing Ogiemwonyi to a N10 million fine and the company to N20 million.

The court also ordered full restitution of the stolen funds.

“Alleged $80,000 and N953 Million Fraud: Court Convicts Man, Company in Lagos,” the EFCC stated Thursday, underscoring its crackdown on financial crimes.