EFCC Recovers $3m, N1.3bn From Two Oil Firms

The Economic and Financial Crimes Commission (EFCC) has handed over $3m and N1.303bn recovered from two oil companies over alleged non-remittance of statutory revenues to the Federation.

The funds, recovered from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, were handed over 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 funds during a brief ceremony on November 10, 2026.

The recovery followed an investigation launched by the EFCC after receiving a petition from a consulting firm engaged by RMAFC, alleging conspiracy, tax evasion and economic sabotage over the non-remittance of stamp duty and pipeline transportation fees.

The petition alleged that revenues accruable to the Federation from the use of oil facilities, 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 obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues owed to the Federation by the affected public and private entities.

During the EFCC investigation, both companies submitted documents detailing their remittances. However, an analysis of the records established that Aiteo failed to remit $38.43m in stamp duty arising from its acquisition of Oil Mining Lease (OML) 29 and Nembe Creek Trunkline.

The commission also found that Newcross failed to remit $22.84m in crude oil transportation fees for the use of Nembe Creek Trunkline, which is operated as a joint venture between the Federal Government and Aiteo.

According to the EFCC, the two companies accepted their respective liabilities and began making payments into the commission’s recovery accounts domiciled with the Central Bank of Nigeria (CBN).

Between January 28 and August 24, 2026, Aiteo paid $1.5m and N750m towards settling its outstanding stamp duty obligations.

Newcross also paid $1.5m and N553.128m in respect of outstanding pipeline and terminal fees.

The payments brought the total amount recovered from both companies to $3m and N1.303bn, which the EFCC subsequently transferred to RMAFC.

The commission said the recovery formed part of efforts to protect and recover revenues due to the Federation.