EFCC fingers over $3m, N1.3bn ‘unremitted revenue’ recovered from two oil companies to RMAFC

The Economic and Financial Crimes Commission (EFCC) says it
has handed over $3,000,000 and N1,303,128,000 to the Revenue Mobilisation
Allocation and Fiscal Commission (RMAFC) recovered from two oil corporations as
“unremitted statutory payments to the federation”.

 

The two oil corporations are Aiteo Exploration and Production
Limited and Newcross Exploration & Production Limited, in accordance with the
EFCC.

In an announcement launched on Tuesday, the anti-graft company
mentioned the recovered funds have been handed over by Bawa Kaltungo, performing zonal
director of the EFCC’s Lagos zonal directorate 2, to RMFAC at a quick ceremony
on Monday.

The EFCC mentioned the restoration adopted an investigation
triggered by a petition from a consulting agency engaged by the RMFAC, which
alleged conspiracy, tax evasion and financial sabotage.

The company mentioned the petitioner additionally alleged that “revenues
accruable to the Federation in respect of stamp obligation and pipeline
transportation charges weren’t remitted into the designated accounts of the
Federation”.

The EFCC mentioned the failure to remit the income reportedly
resulted in “substantial losses to the federation between 2010 and 2019”.

“In response to the event, RMAFC obtained a
presidential fiat dated December 20, 2021, authorising it to recuperate all
excellent revenues because of the Federation from the affected private and non-private
entities,” the assertion reads.

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

“However, a evaluation and evaluation of the paperwork established
that Aiteo did not 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 obligation arising from its acquisition of Oil Mining Lease (OML 29) and Nembe
Creek Trunkline (NCTL).

“Also, investigation revealed that Newcross Exploration
& Production Limited did not remit $22,841,662.03 (Twenty-Two Million,
Eight Hundred and Forty-one Thousand, Six Hundred and Sixty-two United States
Dollars, Three Cents) as crude oil transportation charges for the usage of Nembe
Creek Trunkline, which is operated as a three way partnership between the Federal
Government and Aiteo Exploration and Production Limited.

“The two corporations subsequently accepted their respective
liabilities and commenced funds in the direction of the settlement of the excellent
obligations via the EFCC’s restoration accounts domiciled with the Central
Bank of Nigeria (CBN).

“Further investigation and restoration efforts resulted in
extra funds between January 28, 2026, and August 24, 2026.

“During the interval, Aiteo Exploration and Production Limited
paid $1,500,000.00 (One Million, Five Hundred Thousand United States Dollars)
and N750,000,000.00 (Seven Hundred and Fifty Million Naira) into the EFCC
restoration account in respect of unremitted stamp obligation.

“Newcross Exploration & Production Limited paid
$1,500,000.00 (One Million, Five Hundred Thousand United States Dollars) and
N553,128,000.00 (Five Hundred and Fifty-Three Million, One Hundred and
Twenty-Eight Thousand Naira) as excellent pipeline and terminal charges.”

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