A Lagos State High Court sitting in Ikeja has convicted a company, Rahvet International Limited, for fraud involving the sum of ₦21 million, following its guilty plea to a charge of stealing, Nigeria’s anti-graft agency said on Wednesday.

Justice Ismail Ijelu delivered the judgment on January 28, 2026, after the company was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

The firm was prosecuted on an amended one-count charge bordering on stealing, contrary to Section 285(1) of the Criminal Law of Lagos State, 2011.

According to the charge, Rahvet International Limited allegedly fraudulently converted ₦21,000,000 belonging to Chioma Adeoye in June 2021, within the Ikeja Judicial Division of the court.

The company pleaded guilty when the charge was read.

“During the investigation, it was discovered that a total sum of ₦21 million was paid into the company’s account,” he also told the court.

Following the guilty plea, the prosecution counsel, Anita Imo, called on EFCC investigator, Leonard Ayakor, to present the facts of the case. Ayakor told the court that the company approached the complainant under the pretext of conducting a research project and persuaded her to transfer funds into the company’s bank account.

He stated that investigations by the EFCC revealed that the complainant had paid a total of ₦21 million into the account of Rahvet International Limited. Ayakor further informed the court that the funds were later found to have been fraudulently converted by the company.

In his testimony, the investigator also confirmed that the company had fully refunded the complainant during the course of the investigation. The prosecution subsequently tendered documentary evidence, including a copy of the petition and the defendant’s statements, which were admitted by the court.

In his ruling, Justice Ijelu found Rahvet International Limited guilty as charged and convicted the company accordingly. The court ordered the firm to pay a fine of ₦100,000 within 72 hours.

The EFCC said the conviction underscored its ongoing efforts to combat economic and financial crimes, including corporate fraud, in Lagos and other parts of the country.

The commission has continued to pursue cases involving companies and individuals accused of defrauding members of the public under various guises, including investment schemes and business proposals.

The Lagos judiciary has, in recent years, handled a growing number of fraud-related cases brought by the EFCC, reflecting increased enforcement actions by the agency and heightened public awareness of financial crimes.