Justice Modupe Nicole-Clay of the Lagos State High Court sitting in Ikeja has convicted Victor Ogiemwonyi and his firm, Partnership Securities Limited, for stealing ₦953,535,861.57 and $80,000.
The conviction was delivered on Wednesday, January 21, 2026, following a prosecution by the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 1.
Ogiemwonyi and his company were arraigned 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 EFCC told the court that the defendants unlawfully converted the funds entrusted to them, causing significant financial loss to the complainant.
The case stemmed from a petition filed in October 2016 by the nominal complainant, Mr Arnold Onyekwere Ekpe, through his counsel, Messrs Margaret Onyema. Ekpe alleged that he mandated the defendants to sell his 96,077,872 units of Ecobank shares, but that the proceeds were neither fully remitted nor properly accounted for.
During trial, the prosecution called witnesses and tendered documentary evidence to establish that the defendants breached the trust reposed in them. The EFCC argued that the transactions were deliberate acts of conversion, carried out without the consent of the complainant.
In her judgment, Justice Nicole-Clay held that the prosecution proved its case beyond reasonable doubt. The court found that the defendants failed to justify their handling of the proceeds and were culpable under the law.
The conviction marks another high-profile success for the EFCC in its sustained campaign against financial crimes in Lagos and across Nigeria.
