$80,000, N953m Share Proceeds Fraud: Court Convicts Partnership Securities Boss, Firm in Lagos

ByNewsmakers

Jan 22, 2026 #$80, #000 theft, #Ecobank Transnational Incorporated shares, #EFCC conviction, #EFCC Lagos Zonal Directorate 1, #ETI shares sale proceeds, #investment scam Lagos, #Lagos High Court Ikeja, #Modupe Nicole-Clay judgment, #N953 million fraud, #Partnership Securities Limited, #stockbroker fraud Nigeria, #Victor Ogiemwonyi

Matilda Omonaiye/

A Lagos State High Court sitting in Ikeja has convicted one Victor Ogiemwonyi and his company, Partnership Securities Limited, for stealing N953,535,861.57 and $80,000 in a fraud linked to the sale of Ecobank Transnational Incorporated (ETI) shares.

The Economic and Financial Crimes Commission (EFCC) disclosed this in a statement today, saying Justice Modupe Nicole-Clay delivered the judgment on Wednesday, January 21, 2026.

According to the EFCC, the defendants were arraigned by the Commission’s Lagos Zonal Directorate 1 on a two-count charge bordering on stealing, contrary to Section 285(1), (9)(b) and (c) of the Criminal Law of Lagos State, 2011.

The case, the anti-graft agency explained, stemmed from a petition filed in October 2016 by the nominal complainant, Mr. Arnold Onyekwere Ekpe, through his counsel, Messrs Margaret Onyema.

The petition alleged that Ekpe instructed the defendants to sell his 96,077,872 units of ETI shares, which were reportedly sold at N1,296,885,311.02.
However, the EFCC said the defendants paid only N300 million to the complainant and dishonestly diverted the remaining balance for personal use.

Following investigations, the Commission charged Ogiemwonyi and the company to court.

At trial, the prosecution team led by Ola Sesan called five witnesses and tendered 67 exhibits, which were admitted by the court. The defence also called three witnesses, including Ogiemwonyi.

In its judgment, Justice Nicole-Clay found Ogiemwonyi, identified as the Chairman of Partnership Securities Limited, and the company guilty on all counts.

The court subsequently sentenced the first convict to pay a fine of N10 million, while the company was ordered to pay a fine of N20 million.

The judge also ordered both convicts to refund the entire sums stolen, including the naira proceeds and the $80,000 dividend component, to the petitioner.