The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion from two oil companies, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, over outstanding statutory payments due to the Federation.
The recovered funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2 on Monday, November 10, 2026.
According to a statement issued on Tuesday by the EFCC spokesperson, Dele Oyewale, the Acting Zonal Director of the directorate, Bawa Kaltungo, presented the funds during a brief handover ceremony.
Oyewale explained that the recovery followed an investigation launched by the commission after receiving a petition from a consulting firm engaged by RMAFC.
The petition reportedly alleged conspiracy, tax evasion and economic sabotage over the failure of the companies to remit revenues accruable to the Federation.
According to the EFCC, the allegations involved unpaid stamp duties and pipeline transportation fees relating to oil facilities, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline between 2010 and 2019.
The commission disclosed that RMAFC had obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues owed to the Federation by affected public and private entities.
During the investigation, the EFCC reviewed documents submitted by the two companies detailing their respective remittances.
The review reportedly 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 and Nembe Creek Trunkline.
The commission also found that Newcross failed to remit $22.84 million in crude oil transportation fees for the use of the Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.
Oyewale said both companies subsequently acknowledged their respective liabilities and commenced payments into recovery accounts maintained by the EFCC with the Central Bank of Nigeria.
He added that further recovery efforts between January 28 and August 24, 2026, resulted in additional payments by the companies.
According to the statement, Aiteo paid $1.5 million and N750 million in respect of outstanding stamp duty, while Newcross paid $1.5 million and N553.128 million in connection with its outstanding obligations.
The payments brought the total amount recovered to $3 million and N1.303 billion, which was subsequently transferred to RMAFC for the benefit of the Federation.
The EFCC said the recovery formed part of its ongoing efforts to ensure that revenues due to the government are properly accounted for and remitted in accordance with existing laws.
