A Lagos State High Court sitting in Ikeja has convicted a stockbroker, Mr. Victor Ogiemwonyi and his company, Partnership Securities Limited, over an alleged $80,000 and N953 million fraud.
Justice Modupe Nicole-Clay, on Wednesday, found the defendants guilty, of stealing N953,535,861.57 and $80,000.
EFCC arraignment over $80,000 and N953 million fraud
The Economic and Financial Crimes Commission EFCC, Lagos Zonal Directorate 1, had arraigned the defendants 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, following allegations of $80,000 and N953 million fraud.
The case arose from a petition filed in October 2016 by the nominal complainant, Mr. Arnold Onyekwere Ekpe, through his counsel, Margaret Onyema.
The petition alleged that Ekpe instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated, ETI, shares, which were sold for N1,296,885,311.02.
Out of the proceeds, only N300,000,000.00 was paid to the complainant, while the balance was allegedly diverted, forming the basis of the $80,000 and N953 million fraud charge.
Prosecution, defence and charge
At trial, the prosecution, led by Ola Sesan, called five witnesses and tendered 67 exhibits, all of which were admitted by the court.
The defence called three witnesses, including the first defendant.
Count one reads:
“Victor Ogiemwonyi and Partnership Securities Limited between the months of June, 2016 and September, 2016 at Lagos within the jurisdiction of this honourable 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.”
Count two reads:
“Victor Ogiemwonyi and Partnership Securities Limited sometime between June, 2016 and July, 2016 at Lagos within the jurisdiction of this honourable court dishonestly stole the sum of USD$80,000.00 which formed part of the accrued dividends on 96,077,872 Ecobank Transnational Incorporated Shares, property of Mr. Arnold Onyekwere Ekpe.”
Sentence and restitution order
Delivering judgement, Justice Nicole-Clay found the defendants guilty on all counts in the $80,000 and N953 million fraud case.
The court sentenced the first convict to a fine of N10 million, while the company was fined N20 million.
The judge further ordered the convicts to refund the entire sums stolen from the petitioner, both in naira and dollars
