The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion from two oil companies over alleged failure to remit statutory revenues due to the Federation.
The recovered funds were obtained from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited and subsequently handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
The handover was carried out by the EFCC’s Lagos Zonal Directorate 2 on November 10, 2026, during a brief ceremony presided over by the Acting Zonal Director, Bawa Usman Kaltungo.
The recovery followed an investigation initiated by the EFCC after it received a petition from a consulting firm engaged by RMAFC. The petition accused the companies of conspiracy, tax evasion and economic sabotage over the alleged failure to remit stamp duties and crude oil pipeline transportation fees.
According to the petition, revenues owed to the Federation from the use of several oil facilities, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, were allegedly not paid into designated government accounts between 2010 and 2019.
RMAFC had earlier obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues owed to the Federation by the affected public and private organisations.
During its investigation, the EFCC examined documents submitted by both companies detailing their previous payments and remittances.
However, the commission’s analysis reportedly established that Aiteo failed to remit $38.43 million in stamp duties arising from its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline.
Similarly, Newcross was found to have outstanding crude oil transportation fees amounting to $22.84 million for its use of the Nembe Creek Trunkline, which is operated under a joint venture arrangement between the Federal Government and Aiteo.
The EFCC disclosed that both companies acknowledged their respective financial obligations and commenced payments into recovery accounts maintained by the commission with the Central Bank of Nigeria (CBN).
Between January 28 and August 24, 2026, Aiteo paid $1.5 million and N750 million towards settling its outstanding stamp duty obligations.
Newcross, on its part, paid $1.5 million and N553.128 million to offset outstanding pipeline and terminal fees.
The payments brought the total amount recovered from the two oil companies to $3 million and N1.303 billion, which the EFCC subsequently transferred to RMAFC.
The commission said the recovery was part of its ongoing efforts to protect public funds, prevent revenue leakages and ensure that all revenues legally due to the Federation are recovered and remitted to the appropriate government authorities.
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