Hon. Justice Modupe Nicole-Clay of a Lagos State High Court sitting in Ikeja, has convicted a stockbroker, Victor Ogiemwonyi, and his company, Partnership Securities Limited, for stealing the sum of N953,535,861.57 and $80,000.00.
The Economic and Financial Crimes Commission (EFCC) arraigned the defendants in 2016 on two counts of stealing, contrary to Section 285(1), (9) (b) and (c) of the Criminal Law of Lagos State, 2011.
The case arose from a petition filed sometime in October 2016 by the nominal complainant, Mr. Arnold Onyekwere Ekpe, through his counsel, Margaret Onyema.
The petition alleged that he instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares at a rate of N1,296,885,311.02.
Out of the proceeds of the sale, the defendants paid only N300 million to the complainant, while dishonestly diverting the balance for personal use.
Following investigations, the defendants were charged with two counts of theft. At trial, the prosecution was led by Ola Sesan. The anti-graft commission therefore called five witnesses and tendered 67 exhibits, all of which were admitted and marked by the court.
The defence, on its part, called three witnesses, including the first defendant who represented the company during trial.
EFCC alleged that “Victor Ogiemwonyi and Partnership Securities Limited, between the months of June 2016 and September 2016 in Lagos, within the jurisdiction of the court, dishonestly stole the sum of N953, 535,861.57, being part of the proceeds of sale of 96, 077, 872 Ecobank Transnational Incorporated Shares, property of Mr. Arnold Onyekwere Ekpe.”
“Victor Qgiemwonyi and Partnership Securities Limited, sometime between June 2016 and July 2016 in Lagos, within the jurisdiction of this honourable court, dishonestly stole the sum of USD$80,000.00 (Eighty Thousand United States of America Dollars), which formed part of the accrued dividends on 96, 077,872 Ecobank Transnational Incorporated shares, property of Mr. Anold Onyekwere Ekpe”.
However, while delivering judgment, Justice Nicole-Clay found Victor Ogiemwonyi, Chairman of Partnership Securities Limited, and the company guilty on all counts.
The court sentenced the first convict to pay a fine of N10 million, while the second convict was ordered to pay N20 million. Also, the court directed the convicts to pay back the entire money stolen from the petitioner, both in naira and dollars.
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