A Lagos State High Court in Ikeja has found Victor Ogiemwonyi and his company, Partnership Securities Limited, guilty of a large-scale financial fraud involving N953.5 million and $80,000 arising from the sale of Ecobank Transnational Incorporated, ETI, shares.
In a judgment delivered on January 21, Justice Modupe Nicole-Clay ruled that the defendants unlawfully of converted proceeds from the sale of 96,077,872 ETI shares owned by the complainant, Mr Arnold Onyekwere Ekpe.
The Economic and Financial Crimes Commission, EFCC, through its Lagos Zonal Directorate 1, prosecuted the case on a two-count charge bordering on stealing, in violation of Section 285(1), (9)(b) and (c) of the Criminal Law of Lagos State, 2011.
The matter originated from a petition submitted to the EFCC in October 2016, in which Ekpe alleged that he had mandated the defendants to dispose of his ETI shares. Although the shares were sold for a total of N1,296,885,311.02, only N300 million was paid to him, with the remaining funds allegedly diverted for personal use.
Further investigations by the anti-graft agency revealed that the defendants also misappropriated $80,000, representing part of the dividends accrued from the shares.
During the trial, the prosecution, led by Ola Sesan, presented five witnesses and tendered 67 documentary exhibits, all of which were admitted in evidence. The defence called three witnesses, including Ogiemwonyi himself.
In her ruling, Justice Nicole-Clay held that the prosecution successfully established its case beyond reasonable doubt and convicted both the individual and the firm on all counts.
The court imposed a fine of N10 million on Ogiemwonyi and N20 million on Partnership Securities Limited. The defendants were also ordered to fully refund the misappropriated sums to the complainant in both naira and United States dollars.
Lagos convicts stockbroker, firm over N953.5m, $80,000 ETI shares fraud
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