The Economic and Financial Crimes Commission (EFCC) has secured the conviction of AAC Consulting Limited for the theft of N30.56 million belonging to contract staff of Chevron Nigeria Limited.
The conviction was handed down on Friday, January 23, 2026, by Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, according to a statement released by the anti-graft agency.
The case stems from offences committed in 2013 and centres on the unlawful conversion of funds meant for Chevron’s contract staff.
What the EFCC said
The EFCC disclosed that AAC Consulting Limited was arraigned on January 12, 2026, by its Lagos Zonal Directorate 1 on an amended one-count charge of stealing, contrary to Section 285(1) of the Criminal Code, Cap 34, Vol. 44, Laws of Lagos State, 2011.
According to the commission, the company was accused of dishonestly converting funds belonging to Chevron contract staff for its own use.
The charge reads:
“That AAC Consulting Limited, on or about 27th April 2013, at Lagos, within the Ikeja Judicial Division, dishonestly converted to its own use the aggregate sum of N30,564,635.81 (Thirty Million, Five Hundred and Sixty-Four Thousand, Six Hundred and Thirty-Five Naira, Eighty-One Kobo), property of contract staff of Chevron Nigeria Limited.”
Backstory
The EFCC said the trial began 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 the proceedings, the prosecution, led by I. O. Daramola, called two witnesses and tendered several documents, all of which were admitted as exhibits by the court.
According to the EFCC, the defendants later repaid the full amount involved to the petitioner in December 2023. Following the repayment, they changed their plea from not guilty to guilty.
Subsequently, the charge was amended, and AAC Consulting Limited pleaded guilty to the one-count charge of stealing.
Court ruling
At the resumed proceedings on Friday, Justice Oshodi found AAC Consulting Limited guilty and convicted the company accordingly.
The court ordered the firm to pay a N5 million fine within 14 days, warning that failure to comply would result in the winding up of the company.
What you should know
In recent years, Nigerian courts have increasingly convicted corporate entities prosecuted by the EFCC for financial crimes.
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.
Quintessential Investment Company Limited was also convicted for illegal capital market operations involving over N1.2 billion in investor funds.
Similarly, a Lagos State High Court convicted Partnership Securities Limited and its chairman, Victor Ogiemwonyi, for stealing nearly N953.6 million and $80,000, ordering restitution to the affected investor.
In 2025, an Oyo State High Court convicted Detorrid Heritage Investment Limited and its principal for more than N1 billion in investment fraud, resulting in a multi-year prison sentence.
The conviction of AAC Consulting Limited reinforces the EFCC’s stance that corporate entities involved in financial crimes will be held accountable under Nigerian law.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
