Justice Modupe Nico-Clay of the Lagos State High Court in Ikeja on Tuesday adjourned till January 21, 2026, for judgment in the case involving stockbroker Mr Victor Ogiemwonyi and his company, Partnership Investment Company Plc, over the alleged theft and dishonest conversion of N1,237,245,000.
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The judge fixed the date after taking final submissions from both the prosecution and the defence, who adopted their written addresses.
The Economic and Financial Crimes Commission had arraigned Ogiemwonyi and his company for allegedly selling shares belonging to his client without consent and misappropriating the proceeds.
According to the EFCC, Ogiemwonyi, without the authorisation of his client, sold 96,077,872 units of Ecobank Transnational Incorporated Plc shares belonging to Mr Arnold Ekpe, a former Managing Director of Ecobank Transnational Incorporated, failed to remit the full proceeds amounting to N1,237,245,000 and dividends of $80,000.
During the adoption of final written addresses, the EFCC’s counsel told the court that the defendant had admitted culpability in his correspondence with the complainant.
Quoting from one of the documents, the prosecutor read:
“Further to our mandate to sell your 96,077,872 shares of Ecobank Transnational Incorporated at a fixed price of N16 per share, we confirm that the shares were sold by us for a total of N1.537 bn, out of which N300m has been paid to you.
“We confirm that the outstanding proceeds from the sale have been misappropriated by us, and we undertake to meet the obligation of N1.237bn and $80,000.”
Ogiemwonyi was also quoted as saying: “I apologise for my transgressions. I do not believe you want to destroy me, even though I have destroyed our friendship. The devil took over me; I cannot explain why I did this. I have told you too many lies and can only plead for mercy while we sort it out.”
The prosecution argued that out of the over N1.2 bn realised from the unauthorised sale of shares, the complainant received only N300m, paid in two tranches, N250m and N50m, leaving a balance of N953,535,861.57.
The EFCC maintained that the evidence before the court showed that the second defendant, the company, approved the transaction and therefore urged the court to convict both defendants, asserting that the prosecution had proved its case beyond a reasonable doubt.
However, defence counsel Mofesomo Tayo-Oyetibo (SAN) countered that the matter was purely civil rather than a criminal case, adding that the matter began from a dispute between friends who had known each other for over 30 years.
He argued that while the shares were indeed sold and proceeds received by the second defendant, the EFCC failed to establish that the funds were stolen.
“The most important issue is why the prosecution said the proceeds of the shares were stolen,” Tayo-Oyetibo argued.
“Stealing is either by taking or by conversion; the charge must be specific. The lack of specification amounts to a denial of fair hearing because the defendant does not know precisely what he is defending,” he said.
The defence also faulted the amended charge dated May 29, 2025, describing it as “not self-proving.” Tayo-Oyetibo noted discrepancies between the amounts in the original and amended charges, insisting that the prosecution had not proved its case by credible evidence.
He urged the court to dismiss the prosecution’s argument and discharge his client.
The EFCC first arraigned Ogiemwonyi and Partnership Investment Company Plc in 2017 on an amended charge bordering on theft, fraudulent conversion, and dishonesty.
The trial, which has spanned nearly a decade, has seen multiple adjournments and amendments to the charges as both parties presented witnesses and documentary evidence before Justice Nico-Clay.
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