Court Jails Stockbroker for Theft of $80,000, N953m Shares Proceeds.
Victor Ogiemwonyi, a stockbroker, and his company, Partnership Securities Limited have been convicted by a Lagos State High Court for stealing shares proceeds worth N953 million and $80,000 belonging to Mr. Arnold Onyekwere Ekpe, a former managing director of Ecobank Transnational Incorporated.
The Economic and Financial Crimes Commission (EFCC) disclosed the ruling in a statement on its official X account on Thursday.
The court found that the defendants diverted proceeds from a share sale entrusted to them by an investor for personal gain.
The EFCC stated that Justice Modupe Nicole-Clay of the Lagos State High Court, Ikeja, convicted Ogiemwonyi and Partnership Securities Limited on two counts of stealing, contrary to the Criminal Law of Lagos State, 2011.
“Justice Modupe Nicole-Clay of the Lagos State High Court sitting in Ikeja, Lagos, on Wednesday, January 21, 2026, convicted one Victor Ogiemwonyi and his company, Partnership Securities Limited, for stealing the sum of N953,535,861.57 (Nine Hundred and Fifty-Three Million, Five Hundred and Thirty-Five Thousand, Eight Hundred and Sixty-One Naira, Fifty-Seven Kobo) and $80,000.00 (Eighty Thousand United States Dollars),” the statement read in part.
The Commission stated that the case arose from a petition filed in October 2016 by the nominal complainant, Arnold Onyekwere Ekpe, who alleged that he instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares.
The shares were sold for about N1.29 billion, but the defendants allegedly paid only N300 million to the complainant, while diverting the balance for personal use.
In a statement, the EFCC said Justice Nicole-Clay found that between June and September 2016, the defendants dishonestly converted N953,535,861.57 from the proceeds of the share sale, in addition to $80,000 in accrued dividends.
Recall that Securities and Exchange Commission, SEC, had in 2017 banned Victor Ogiemwonyi, from operating in the capital market for life over alleged unprofessional conduct in the Nigerian capital market.
He was also banned for life from holding directorship position in any public company in Nigeria and also ordered to pay a penalty of N100,000.
SEC said Ogiemwonyi was banned after he was found guilty of breaching Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in its Rules and Regulations made pursuant to the Investments and Securities Act 2007.
The ban also followed petition by EFCC to SEC accusing Ogiewonyi of misappropriation of about N1.24 billion, $80,000.00, stealing and dishonest conversion of proceeds of share sale belonging to an investor.
It was alleged that he used his company to dupe over 300 investors over N4.8 billion with Arnold Ekpe a former Managing Director of Ecobank Transnational Incorporated, ETI, being one of his victims.
