Lagos Court Convicts Stockbroker, Firm in N1.2bn Ecobank Shares Fraud

Justice Modupe Nicole-Clay of the Lagos State High Court in Ikeja convicted stockbroker Victor Ogiemwonyi and his firm, Partnership Securities Limited, on January 21, 2026, for fraudulently diverting over N953 million and $80,000 from a client’s Ecobank shares sale. The Economic and Financial Crimes Commission (EFCC) prosecuted the duo on two counts of stealing under Lagos State’s Criminal Law 2011, stemming from a 2016 petition by Arnold Onyekwere Ekpe, a former Ecobank Transnational Incorporated Managing Director. ​

Case Origins and Charges

The fraud surfaced after Ekpe instructed Ogiemwonyi to sell 96,077,872 units of Ecobank Transnational Incorporated shares between June and September 2016, yielding N1,296,885,311.02 in proceeds. Defendants remitted only N300 million—split into N250 million and N50 million tranches—while pocketing the balance of N953,535,861.57 and $80,000 in dividends. Count one charged dishonest theft of the naira sum; count two targeted the dollar amount, both as property of Ekpe. ​

Ogiemwonyi, as company chairman, oversaw the unauthorized sale and misappropriation, despite a written admission of guilt and an undertaking to repay N1.237 billion plus $80,000. He reportedly apologized, blaming “the devil” for betraying a 30-year friendship with Ekpe, but the court rejected defense claims that the dispute was purely civil. ​

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Trial and Evidence

Prosecution counsel Ola Sesan presented five witnesses and 67 exhibits, proving the case beyond reasonable doubt. Defense, led by Mofesomo Tayo-Oyetibo (SAN), called three witnesses, including Ogiemwonyi, arguing no criminal intent. The trial, first filed in 2017 with multiple amendments and adjournments, spanned nearly a decade before judgment on the originally scheduled date. ​

Sentence and Restitution

The court fined Ogiemwonyi N10 million and his company N20 million, mandating full restitution of the stolen sums in naira and dollars to Ekpe. This outcome follows prior regulatory actions, including a lifetime ban on Ogiemwonyi by Nigeria’s Securities and Exchange Commission for capital market violations like mishandling client funds.