EFCC recovers $3m, N1.3bn from two oil firms over unremitted revenues

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, obtained from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, were formally transferred to the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, by the EFCC’s Lagos Zonal Directorate 2.

The Acting Zonal Director, Bawa Usman Kaltungo, presented the money to the commission at a brief handover ceremony held on November 10, 2026.

The recovery followed an investigation initiated by the EFCC after it received a petition from a consulting firm contracted by RMAFC. The petition accused the companies of conspiracy, tax evasion and economic sabotage over their alleged failure to remit stamp duty and pipeline transportation charges.

It alleged that revenues due to the Federation from the utilisation of oil infrastructure, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, were not paid into designated government accounts between 2010 and 2019.

RMAFC had earlier secured a presidential fiat dated December 20, 2021, empowering it to recover outstanding revenues owed to the Federation by the affected public and private organisations.

In the course of its investigation, the EFCC obtained documents from both companies detailing their respective payments. However, a review of the records revealed that Aiteo had an outstanding liability of $38.43 million in stamp duty arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline.

The investigation also established that Newcross owed $22.84 million in crude oil transportation charges for using the Nembe Creek Trunkline, which operates under a joint venture arrangement involving the Federal Government and Aiteo.

The EFCC said both companies acknowledged their outstanding obligations and subsequently commenced payments into recovery accounts operated by the commission with the Central Bank of Nigeria.

Between January 28 and August 24, 2026, Aiteo remitted $1.5 million and N750 million towards settling its unpaid stamp duty obligations.

Similarly, Newcross paid $1.5 million and N553.128 million to offset outstanding pipeline and terminal charges.

The payments brought the total recovery from the two companies to $3 million and N1.303 billion, which the EFCC subsequently handed over to RMAFC.

The commission said the recovery was part of its ongoing efforts to safeguard public funds and ensure that revenues due to the Federation are recovered and accounted for.