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 corporations 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, have been 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, introduced the funds throughout a short ceremony on November 10, 2026.

The restoration adopted an investigation launched by the EFCC after receiving a petition from a consulting agency engaged by RMAFC, alleging conspiracy, tax evasion and financial sabotage over the non-remittance of stamp responsibility and pipeline transportation charges.

The petition alleged that revenues accruable to the Federation from the usage of oil services, 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 obtained a presidential fiat dated December 20, 2021, authorising it to get better excellent revenues owed to the Federation by the affected private and non-private entities.

During the EFCC investigation, each corporations submitted paperwork detailing their remittances. However, an evaluation of the data established that Aiteo did not remit $38.43m in stamp responsibility arising from its acquisition of Oil Mining Lease (OML) 29 and Nembe Creek Trunkline.

The fee additionally discovered that Newcross did not remit $22.84m in 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.

According to the EFCC, the 2 corporations accepted their respective liabilities and commenced making funds into the fee’s restoration accounts domiciled with the Central Bank of Nigeria (CBN).

Between January 28 and August 24, 2026, Aiteo paid $1.5m and N750m in the direction of settling its excellent stamp responsibility obligations.

Newcross additionally paid $1.5m and N553.128m in respect of excellent pipeline and terminal charges.

The funds introduced the whole quantity recovered from each corporations to $3m and N1.303bn, which the EFCC subsequently transferred to RMAFC.

The fee stated the restoration fashioned a part of efforts to guard and get better revenues as a result of Federation.