Court Convicts AAC Consulting for N30.5m Theft from Chevron Staff

The Economic and Financial Crimes Commission (EFCC) has successfully prosecuted AAC Consulting Limited for the misappropriation of N30.56 million that was intended for contract staff of Chevron Nigeria Limited.

This conviction was announced on January 23, 2026, by Justice Rahman Oshodi during proceedings at the Special Offences Court in Ikeja, Lagos.

The case involves alleged offenses that date back to 2013, focusing on the illegal conversion of funds meant for the contract personnel of Chevron Nigeria Limited. AAC Consulting Limited was officially charged on January 12, 2026, under an amended one-count indictment for stealing, which violates Section 285(1) of the Criminal Code, Cap 34, Vol. 44, Laws of Lagos State, 2011.

The charge presented by the EFCC claims that AAC Consulting Limited unlawfully converted funds belonging to contract staff at Chevron for its own benefit, highlighting severe misconduct in financial management.

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 disclosed that the trial commenced on June 5, 2023, when AAC Consulting Limited and its Managing Director, Anthony Adeoye, were arraigned before the court on a 50-count charge bordering on stealing and issuance of dud cheques.

Both defendants initially pleaded not guilty, prompting the commencement of a full trial.

During the proceedings, prosecuting counsel, I. O. Daramola, called two witnesses and tendered several documents, which were admitted in evidence and marked as exhibits by the court.

The Commission said the defendants later repaid the full sum involved 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 one-count charge of stealing.

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 fine of N5 million within 14 days, warning that failure to comply would result in the winding up of the company.

Nairametrics has reported several cases in recent years where Nigerian courts 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, imposing fines on the companies after conviction.

Quintessential Investment Company Limited was also 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, along with its chairman, Victor Ogiemwonyi, for stealing nearly N953.6 million and $80,000 in proceeds from a share sale entrusted to the firm, fining both the company and Ogiemwonyi and ordering restitution to the investor.

In 2025, an Oyo State High Court also convicted Detorrid Heritage Investment Limited, alongside its principal, for more than N1 billion in investment fraud, sentencing the defendant to a multi-year prison term after prosecution by the EFCC’s Ibadan Zonal Directorate