Victor Ogiemwonyi, a Lagos stockbroker, and Partnership Securities Limited, his company, have been convicted for allegedly stealing shares worth N953 million and $80,000 belonging to one Mr. Arnold Onyekwere Ekpe, a former managing director of Ecobank Transnational Incorporated (ETI).
Ogiemwonyi was convicted after he was found guilty of two-count charges bordering on stealing, contrary to Section 285(1), (9) (b) and (c) of the Criminal Law of Lagos State, 2011 slammed on him by the Economic and Financial Crimes Commission (EFCC).
Ekpe, through Messrs Margaret Onyema, his counsel, has sometimes in October 2016 in a petition to the EFCC alleged that he instructed the defendants to sell his 96,077,872 units of Ecobank Transnational Incorporated (ETI) shares, which were sold at the rate of N1,296,885,311.02.
But he said out of the proceeds of the sale, the stock broker paid only N300,000,000.00 to him while he dishonestly diverted the balance for personal use.
Following investigations, the defendants were charged with two counts of stealing.
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 (Nine Hundred and Fifty Three Million, Five Hundred and Thirty Five Thousand, Eight Hundred and Sixty one Naira Fifty Seven Kobo) 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 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”.
At trial, the prosecution, led by Ola Sesan, 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.
Delivering judgment on Wednesday, Justice Modupe Nicole-Clay of the Lagos State High Court sitting in Ikeja, Lagos convicted Ogiemwonyi and his company, Partnership Securities Limited, 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.
Also, the court directed the convicts to pay back the entire money stolen from the petitioner, both in naira and dollars.
Recall that Securities and Exchange Commission, SEC, had in 2017 banned Victor Ogiemwonyi, from operating in the capital market for life over alleged unprofessional conduct in the Nigerian capital market.
He was also banned for life from holding directorship position in any public company in Nigeria.
He was also ordered to pay a penalty of N100,000.
SEC said Ogiemwonyi was banned after he was found guilty of breaching Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in its Rules and Regulations made pursuant to the Investments and Securities Act 2007.
The ban also followed petition by EFCC to SEC accusing Ogiewonyi of misappropriation of about N1.24 billion, $80,000.00, stealing and dishonest conversion of proceeds of share sale belonging to an investor.
It was alleged that he used his company to dupe over 300 investors over N4.8 billion with Arnold Ekpe a former Managing Director of Ecobank Transnational Incorporated, ETI, being one of his victims.
