The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.3 billion from two oil companies over alleged failure to remit statutory revenues due to the Federal Government.
The affected companies, Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited, made the payments following an investigation into outstanding stamp duties and crude oil transportation fees.
The recovered funds were formally handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the Acting Zonal Director of EFCC Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo.
The investigation began after the commission received a petition from a consulting firm engaged by RMAFC, alleging conspiracy, tax evasion and economic sabotage over the non-remittance of revenues accruing from stamp duties and pipeline transportation fees.
The alleged revenue losses involved operations at Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline between 2010 and 2019.
According to the EFCC, a review of documents submitted by the companies established that Aiteo failed to remit $38.43 million in stamp duties arising from its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline.
Similarly, Newcross was found to have outstanding crude oil transportation fees amounting to $22.84 million for its use of Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.
The commission said both companies acknowledged their respective liabilities and began making payments into its recovery accounts domiciled with the Central Bank of Nigeria.
Between January 28 and August 24, 2026, Aiteo paid $1.5 million and N750 million towards its outstanding stamp duty obligations.
Newcross also remitted $1.5 million and N553.128 million to settle part of its outstanding pipeline and terminal fees.
The payments brought the total recovery to $3 million and N1.303 billion, which the EFCC subsequently transferred to RMAFC.
The recovery exercise followed a presidential authorisation obtained by RMAFC on December 20, 2021, empowering the commission to recover outstanding revenues owed to the Federation by public and private entities.
