₦30.6m fraud: Court convicts consulting firm, imposes ₦5m fine

A Lagos Special Offences Court sitting in Ikeja has convicted a company, AAC Consulting Limited, for stealing over ₦30.6 million belonging to contract staff of Chevron Nigeria Limited, ordering the firm to pay a ₦5 million fine or face winding up.

Justice Rahman Oshodi delivered the judgment yesterday after finding the company guilty of dishonestly converting the sum of ₦30,564,635.81 entrusted to it for the benefit of the affected workers.

AAC Consulting Limited was arraigned by the Economic and Financial Crimes Commission (EFCC) on 12 January 2026 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.

The case dated back to 5 June 2023, when the company and its Managing Director, Anthony Adeoye, were first arraigned on a 50-count charge of stealing and issuing dud cheques. Both defendants initially pleaded not guilty, leading to a full trial.

During the trial, the prosecution, led by I. O. Daramola, called two witnesses and tendered several documentary exhibits, all of which were admitted by the court.

However, following the repayment of the disputed sum to the petitioner in December 2023, the defendants opted to change their plea. The EFCC subsequently amended the charge, and the company pleaded guilty to the lone count of stealing.

The charge stated that AAC Consulting Limited, on or about 27 April 2013, within the Ikeja Judicial Division of Lagos State, dishonestly converted to its own use the aggregate sum of ₦30,564,635.81, being funds belonging to contract staff of Chevron Nigeria Limited.

In his judgment, Justice Oshodi held that the company’s decade-long delay in refunding the money underscored the criminality of the act, notwithstanding the eventual repayment. He consequently convicted AAC Consulting Limited and imposed a ₦5 million fine, to be paid within 14 days.

The judge warned that failure to comply with the order would result in the winding up of the company, stressing the need for corporate accountability and deterrence in financial crimes.