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

The Economic and Financial Crimes Commission, EFCC, has recovered $3 million and N1.303 billion from two oil firms over alleged failure to remit statutory revenues because of the Federation.

The recovered funds, obtained from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, have been 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, offered the cash to the fee at a short handover ceremony held on November 10, 2026.

The restoration adopted an investigation initiated by the EFCC after it acquired a petition from a consulting agency contracted by RMAFC. The petition accused the businesses of conspiracy, tax evasion and financial sabotage over their alleged failure to remit stamp responsibility and pipeline transportation prices.

It alleged that revenues because of the Federation from the utilisation of oil infrastructure, together with Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, weren’t paid into designated authorities accounts between 2010 and 2019.

RMAFC had earlier secured a presidential fiat dated December 20, 2021, empowering it to get well excellent revenues owed to the Federation by the affected private and non-private organisations.

In the course of its investigation, the EFCC obtained paperwork from each firms detailing their respective funds. However, a evaluate of the information revealed that Aiteo had an excellent legal responsibility of $38.43 million in stamp responsibility arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline.

The investigation additionally established that Newcross owed $22.84 million in crude oil transportation prices for utilizing the Nembe Creek Trunkline, which operates underneath a three way partnership association involving the Federal Government and Aiteo.

The EFCC mentioned each firms acknowledged their excellent obligations and subsequently commenced funds into restoration accounts operated by the fee with the Central Bank of Nigeria.

Between January 28 and August 24, 2026, Aiteo remitted $1.5 million and N750 million in direction of settling its unpaid stamp responsibility obligations.

Similarly, Newcross paid $1.5 million and N553.128 million to offset excellent pipeline and terminal prices.

The funds introduced the full restoration from the 2 firms to $3 million and N1.303 billion, which the EFCC subsequently handed over to RMAFC.

The fee mentioned the restoration was a part of its ongoing efforts to safeguard public funds and be certain that revenues because of the Federation are recovered and accounted for.