The Economic and Financial Crimes Commission 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 is linked to offences allegedly committed in 2013 and centres on the unlawful conversion of funds meant for Chevron Nigeria Limited’s contract staff.
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 charge alleged that the company dishonestly converted funds belonging to Chevron contract staff for its personal 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.”
The EFCC stated that 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, leading to the commencement of a full trial.
During the proceedings, prosecuting counsel, I. O. Daramola, called two witnesses and tendered several documents, all of which were admitted in evidence and marked as exhibits by the court.
The Commission revealed that the defendants subsequently refunded the entire amount to the petitioner in December 2023, after which they changed their plea from not guilty to guilty.
Following the repayment, the EFCC amended the charge, and the company pleaded guilty to the single count of stealing.
At the resumed hearing on Friday, Justice Oshodi found AAC Consulting Limited guilty and convicted the firm accordingly. The court ordered the company to pay a fine of N5 million within 14 days, warning that failure to comply would lead to the winding up of the firm.
The EFCC noted that the conviction adds to a growing list of corporate entities successfully prosecuted for financial crimes in recent years.
A Federal High Court in Ikoyi had earlier convicted FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited for illegally collecting N80 million from investors through unlicensed collective investment schemes, imposing fines on both companies.
Similarly, Quintessential Investment Company Limited was convicted for illegal capital market operations after collecting over N1.2 billion from investors and defaulting on promised returns.
In another case, a Lagos State High Court convicted Partnership Securities Limited and its chairman, Victor Ogiemwonyi, for stealing nearly N953.6 million and $80,000 from proceeds of a share sale entrusted to the firm, ordering restitution and imposing fines.
In 2025, an Oyo State High Court also convicted Detorrid Heritage Investment Limited and its principal for investment fraud exceeding N1 billion, sentencing the defendant to a multi-year prison term following prosecution by the EFCC’s Ibadan Zonal Directorate.
