The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion in unremitted statutory revenues from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited.
EFCC’s Lagos Zonal Directorate 2 handed over the recovered funds to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Tuesday, November 10, 2026.
The funds represent payments made by the two oil companies towards liabilities established during an EFCC investigation into alleged non-remittance of revenues due to the Federation.
Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo, handed over the funds during a brief ceremony.
According to a release by the anti-graft agency’s spokesperson, Dele Oyewale, on Tuesday, the investigation began after it received a petition from a consulting firm engaged by RMAFC.
The petition alleged conspiracy, tax evasion and economic sabotage arising from the failure to remit revenues accruable to the Federation.
The revenues involved included stamp duty and pipeline transportation fees relating to several oil facilities, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline.
The alleged non-remittance occurred between 2010 and 2019, resulting in what the EFCC described as substantial losses to the Federation.
RMAFC had earlier obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues owed to the Federation by affected public and private entities.
Following the commencement of the EFCC investigation, Aiteo and Newcross submitted documents detailing their respective remittances.
A review of the documents, however, established that Aiteo failed to remit $38.43 million in 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease 29 (OML 29) and the Nembe Creek Trunkline (NCTL).
Similarly, the investigation found that Newcross Exploration & Production Limited failed to remit $22.84 million in crude oil transportation fees for its use of the Nembe Creek Trunkline.
The NCTL is operated as a joint venture between the Federal Government and Aiteo.
Both companies subsequently accepted their respective liabilities and began making payments into EFCC recovery accounts domiciled with the Central Bank of Nigeria (CBN).
Between January 28 and August 24, 2026, Aiteo paid $1.5 million and N750 million towards its outstanding stamp duty obligations.
Newcross, meanwhile, paid $1.5 million and N553.128 million towards outstanding pipeline and terminal fees.
The payments brought the total amount recovered from the two companies to $3 million and N1.303 billion, which EFCC subsequently transferred to RMAFC.
The EFCC said the recovery forms part of ongoing efforts to ensure that revenues legally due to the Federation are recovered and remitted to government coffers.
