The Economic and Financial Crimes Commission (EFCC) says it recovered $3 million and N1.3 billion in unremitted statutory payments from two oil companies, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited.
The commission said in a statement that the recovered funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by its Lagos office.
It stated that the recovery followed an investigation by the EFCC after it received a petition from a consulting firm engaged by RMAFC, alleging conspiracy, tax evasion and economic sabotage resulting in revenue losses to the Federation.
It said the affected facilities included Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, with the alleged non-remittance occurring between 2010 and 2019.
According to the EFCC, a review of documents submitted by the companies established that Aiteo failed to remit $38.43 million in stamp duties arising from its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline.
It added that Newcross also failed to remit $22.84 million in crude oil transportation fees for the use of Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.
The commission said both companies accepted their respective liabilities and began making payments into its recovery accounts domiciled with the Central Bank of Nigeria.
It added that between January 28 and August 24, 2026, Aiteo paid $1.5 million and N750 million towards its outstanding stamp duty obligations.
It explained that on the other hand, Newcross, paid $1.5 million and N553.128 million in outstanding pipeline and terminal fees.
The EFCC said the payments brought the total recovery to $3 million and N1.303 billion, which were subsequently handed over to RMAFC.
It added that RMAFC obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues owed to the federation by affected public and private entities.