Justice Modupe Nicole-Clay of an Ikeja High Court yesterday convicted one Victor Ogiemwonyi and his company, Partnership Securities Limited, for stealing N953,535,861.57 and $80,000.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, had arraigned the defendants on a two-count charges bordering on 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 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.
Of the proceeds of the sale, the defendants paid only N300 million to the complainant, while they diverted the balance for personal use.
Following investigations, the defendants were charged with two counts of stealing.
During the trial, the prosecution, led by Ola Sesan, called five witnesses and tendered 67 exhibits, all of which were admitted and marked by the court.
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The defence, on its part, called three witnesses, including the first defendant.
Count one reads: ”Victor Ogiemwonyi and Partnership Securities Limited between June and September, 2016 at dishonestly stole 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 Qgiemwonyi and Partnership Securities Limited sometime between June, 2016 and July, 2016 at Lagos dishonestly stole the sum of USD$80,000, which formed part of the accrued dividends on 96, 077,872 Ecobank Transnational incorporated Shares, property of Mr. Anold Onyekwere Ekpe”.
Delivering judgment on the matter, 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 a fine of N20 million.
The court directed the convicts to pay back the money stolen from the petitioner, both in naira and dollars.