In perhaps the first example of the collaboration between the Securities and Exchange Commission (SEC) and the Economic And Financial Crimes Commission (EFCC), a stockbroker Mr Victor Ogiemwonyi has been arraigned before a Federal High Court sitting in Lagos. He was also remanded in Ikoyi prison.

Mr Ogiemwonyi is the founder and MD of Partnership Securities Limited, a stockbroking firm on the Nigerian Stock Exchange. His firm have been accused of allegedly fraudulently selling shares belonging to his clients and misappropriating the proceeds.

Prominent victims of the alleged scheme include Mr Godwin Anono Chairman Standard Shareholders Association of Nigeria and Mr Arnold Ekpe former Managing Director of Ecobank Transnational Incorporated (ETI).

One of the victims of the alleged scheme, Mr Alabi Olushola stated that his transaction had gone awry with Mr Ogiemwonyi since 2014 and the Nigerian Stock Exchange (NSE) had made no effort to resolve the matter. In its response through a statement by its Head Corporate Communications, Mr Olumide Orojinmi, the NSE said it had acted on the matter by suspending the management of Partnership Securities Limited (PSL) with effect from October 18 2016. The company remains under suspension.

Mr Ogiemwonyi has been the Managing Director of Partnership Investment Company (the parent company of Partnership Securities Limited) since 1992. He has over 20 years experience in the finance industry with stints at defunct NAL merchant bank and Financial Derivatives . He also serves as a National Council Member of the Nigerian Stock Exchange (NSE) and president Association Of Issuing Houses Of Nigeria (AHIN). He was once on the board of Afromedia Plc, and is presently a director of United Trading Company (UTC) Plc.

Personal finance expert and author of the best seller The Smartmoney Woman, Arese Ugwu currently works with the firm in the Wealth Management department and as a board member of Partnership Securities Limited.

You can read more at Vanguard

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.

What's your say?