EFCC Wins Landmark Fraud Case In Lagos: N953 Million, $80,000 Stole
•By Admin
ABUJA – THE Lagos State High Court, sitting in Ikeja, on Thursday January 22, 2026, convicted Victor Ogiemwonyi and his company, Partnership Securities Limited, for defrauding a businessman of N953,535,861.57 (Nine Hundred and Fifty-Three Million, Five Hundred and Thirty-Five Thousand, Eight Hundred and Sixty-One Naira, Fifty-Seven Kobo) and $80,000 (Eighty Thousand United States Dollars).
The trial, initiated by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, was described as a significant victory against financial crimes in a statement signed by EFCC Head of Media & Publicity, Dele Oyewale.
The defendants faced a two-count charge of stealing, contrary to Section 285(1), (9)(b) and (c) of the Criminal Law of Lagos State, 2011. The case stems from a petition filed in October 2016 by Mr. Arnold Onyekwere Ekpe, who accused Ogiemwonyi and Partnership Securities Limited of mishandling the sale proceeds of his 96,077,872 Ecobank Transnational Incorporated (ETI) shares. The shares, sold for N1,296,885,311.02, reportedly saw only N300 million remitted to the complainant, with the balance allegedly diverted for personal use by the defendants.
During the trial, the prosecution, led by Ola Sesan, presented five witnesses and 67 exhibits, all admitted by the court. The defense called three witnesses, including Ogiemwonyi himself.
Count one of the charge stated:
“Victor Ogiemwonyi and Partnership Securities Limited between June and September 2016 at Lagos dishonestly stole N953,535,861.57, being part of the proceeds of the sale of 96,077,872 ETI shares, property of Mr. Arnold Onyekwere Ekpe.”
Count two read:
“Victor Ogiemwonyi and Partnership Securities Limited between June and July 2016 at Lagos dishonestly stole USD$80,000, part of the accrued dividends on 96,077,872 ETI shares, property of Mr. Arnold Onyekwere Ekpe.”
Justice Nicole-Clay found both defendants guilty on all counts. Ogiemwonyi was fined N10 million, while Partnership Securities Limited was fined N20 million.
The court also ordered the convicts to refund the full amount stolen to the complainant, both in naira and dollars.