A Lagos State High Court sitting in Ikeja has convicted one Victor Ogiemwonyi and his firm, Partnership Securities Limited, over fraud involving N953.5 million and $80,000 linked to the sale of Ecobank Transnational Incorporated (ETI) shares.

Justice Modupe Nicole-Clay, on January 21, found Ogiemwonyi and his company guilty of stealing proceeds from the sale of 96,077,872 ETI shares belonging to a petitioner, Mr Arnold Onyekwere Ekpe.

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, had arraigned the defendants 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 case stemmed from a petition filed in October 2016 by the complainant through his counsel, alleging that he instructed the defendants to sell his ETI shares. The shares were sold for a total sum of N1,296,885,311.02, but only N300 million was remitted to him, while the balance was dishonestly diverted for personal use.

Investigations by the EFCC further revealed that the defendants also diverted $80,000, being part of the dividends accrued from the shares.
At trial, the prosecution, led by Ola Sesan, called five witnesses and tendered 67 exhibits, all of which were admitted by the court. The defence called three witnesses, including the first defendant.

Delivering judgment, Justice Nicole-Clay held that the prosecution proved its case beyond a reasonable doubt and consequently found both defendants guilty on all counts.

The court consequently sentenced Ogiemwonyi to a fine of N10 million while Partnership Securities Limited was fined N20 million. In addition, the court ordered the convicts to refund the entire sums stolen from the petitioner, both in naira and United States dollars.

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