EFCC recovers $3m, N1.3bn from Benedict Peter’s Aiteo, Newcross Exploration – The Witness Nigeria

The Economic and Financial Crimes Commission (EFCC) says it has recovered $3 million and N1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, over payments owed to the federation.

The commission handed over the recovered funds to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Tuesday.

The EFCC said the recovery followed an investigation into alleged non-remittance of revenues from stamp duties and crude oil pipeline transportation fees by the two companies.

A statement by EFCC’s spokesperson, Dele Oyewale, said the commission’s Acting Lagos Zonal Director, Bawa Kaltungo, presented the recovered money to RMAFC representatives during a brief handover ceremony.

Oyewale explained that the investigation began after the commission received a petition from a consulting firm engaged by RMAFC. The petition alleged conspiracy, tax evasion and economic sabotage involving revenues due to the Federation.

The petition centred on alleged failures to remit statutory revenues generated from stamp duties and pipeline transportation charges associated with several oil facilities.

The affected facilities included Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline.

According to the EFCC, the disputed payments covered transactions and operations between 2010 and 2019.

Oyewale said RMAFC had obtained a presidential fiat dated December 20, 2021, authorising the commission to pursue the recovery of outstanding revenues owed to the Federation by the affected public and private entities.

“Following the commencement of investigation by the EFCC, Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited submitted relevant documents detailing their remittances in respect of their respective operations.

“However, a review and analysis of the documents established that Aiteo failed to remit the sum of $38,430,000.00 (Thirty-Eight Million, Four Hundred and Thirty Thousand United States Dollars), being 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease (OML 29) and Nembe Creek Trunkline (NCTL),” Oyewale said.

“The investigation also established that Newcross Exploration and Production Limited had outstanding payments of $22.84m in crude oil transportation fees.

The EFCC said the two companies subsequently acknowledged their respective liabilities and began making payments into recovery accounts maintained by the commission with the Central Bank of Nigeria.

According to the EFCC, Aiteo made payments of $1.5m and N750m into the commission’s recovery account in respect of outstanding stamp duty.

Newcross also made payments towards its outstanding obligations, although the figures and company allocations contained in the EFCC spokesperson’s statement require clarification.

The commission said the recovery process ultimately resulted in the collection of $3m and N1.303bn, which were handed over to RMAFC for the benefit of the Federation.