The Economic and Financial Crimes Commission (EFCC) has secured the conviction of AAC Consulting Limited for stealing N30.56 million belonging to contract staff of Chevron Nigeria Limited.
Okay News reports that the conviction was delivered on Friday, January 23, 2026, by Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos.
The case relates to alleged offences dating back to 2013 and centres on the unlawful conversion of funds meant for contract staff of Chevron Nigeria Limited.
AAC Consulting Limited was arraigned on January 12, 2026, by the EFCC’s Lagos Zonal Directorate on an amended one-count charge bordering on stealing, contrary to Section 285(1) of the Criminal Code, Cap 34, Vol. 44, Laws of Lagos State, 2011.
The charge accused the company of dishonestly converting N30,564,635.81, property of contract staff of Chevron Nigeria Limited, to its own use on or about April 27, 2013, in Lagos.
The trial commenced on June 5, 2023, when AAC Consulting Limited and its Managing Director, Anthony Adeoye, were arraigned on a 50-count charge bordering on stealing and issuance of dud cheques.
Both defendants initially pleaded not guilty, prompting a full trial.
During proceedings, prosecuting counsel I. O. Daramola called two witnesses and tendered several documents, admitted as exhibits.
The defendants repaid the full sum to the petitioner in December 2023, after which they changed their plea to guilty.
Following the repayment, the EFCC amended the charge, and the company pleaded guilty to the one-count charge of stealing.
At the resumed proceedings on Friday, Justice Oshodi found AAC Consulting Limited guilty and convicted the company.
The court ordered the firm to pay a fine of N5 million within 14 days, warning that failure to comply would result in the winding up of the company.
Nigerian courts have convicted several corporate entities prosecuted by the EFCC for financial crimes in recent years.
A Federal High Court in Ikoyi convicted FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited for illegally collecting N80 million from investors through unlicensed collective investment schemes, imposing fines on the companies.
Quintessential Investment Company Limited was convicted for similar illegal capital market operations, having collected over N1.2 billion from investors before defaulting on returns.
A Lagos State High Court convicted Partnership Securities Limited and its chairman, Victor Ogiemwonyi, for stealing nearly N953.6 million and $80,000 in share sale proceeds, fining both and ordering restitution.
In 2025, an Oyo State High Court convicted Detorrid Heritage Investment Limited and its principal for more than N1 billion in investment fraud, sentencing the defendant to a multi-year prison term.
Keywords: AAC Consulting Conviction, EFCC Chevron Theft, Lagos Court Ruling
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