A Nigerian businessman, Victor Ogiemwonyi and his firm, Partnership Securities Limited, have been convicted of stealing N953,535,861.57 million and $80,000 USD in a fraud linked to the sale of Ecobank Transnational Incorporated (ETI) shares.
A Lagos State High Court handed down the judgment.
The Economic and Financial Crimes Commission, EFCC, dragged Victor Ogiemwonyi and his company before Justice Modupe Nicole-Clay who delivered judgment on Wednesday.
The convicts were slammed with two-count charge bordering on stealing, contrary to Section 285(1), (9)(b) and (c) of the Criminal Law of Lagos State, 2011.
The case, the anti-graft agency explained, stemmed from a petition filed in October 2016 by the nominal complainant, Mr. Arnold Onyekwere Ekpe, through his counsel, Messrs Margaret Onyema.
The petition alleged that Ekpe instructed the defendants to sell his 96,077,872 units of ETI shares, which were reportedly sold at N1,296,885,311.02.
However, the EFCC said the defendants paid only N300 million to the complainant and dishonestly diverted the remaining balance for personal use.
Following investigations, the Commission charged Ogiemwonyi and the company to court.
At trial, the prosecution team led by Ola Sesan called five witnesses and tendered 67 exhibits, which were admitted by the court. The defence also called three witnesses, including Ogiemwonyi.
In her judgment, Justice Nicole-Clay found Ogiemwonyi, identified as the Chairman of Partnership Securities Limited, and the company guilty on all counts.
The court subsequently sentenced the first convict to pay a fine of N10 million, while the company was ordered to pay a fine of N20 million.
The judge also ordered both convicts to refund the entire sums stolen, including the naira proceeds and the $80,000 dividend component, to the petitioner.
