The Economic and Financial Crimes Commission (EFCC) has successfully recovered $3 million and N1.3 billion in unremitted statutory payments from two major players in the oil and gas sector: Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited. The anti-graft agency confirmed that the funds, which had been withheld from the Federation Account, have now been handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) through the EFCC’s Lagos zonal command.
The recovery process was initiated following a formal petition submitted by a consultancy firm acting on behalf of the RMAFC. The petition alleged that the two oil companies were involved in a scheme of conspiracy, tax evasion, and economic sabotage, which resulted in significant revenue losses for the Nigerian Federation. The scope of the investigation covered alleged non-remittances spanning nearly a decade, specifically between 2010 and 2019, involving critical infrastructure such as the Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and the Nembe Creek Trunkline.
Detailed scrutiny of financial documents by EFCC investigators revealed specific discrepancies. It was discovered that Aiteo had failed to remit $38.43 million in stamp duties related to its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline. Simultaneously, Newcross was found to have neglected the payment of $22.84 million in crude oil transportation fees associated with the Nembe Creek Trunkline—a facility operated as a joint venture between the Federal Government and Aiteo.
Upon being confronted with the findings of the investigation, both firms acknowledged their respective financial liabilities. They subsequently commenced payments into the commission’s recovery accounts held with the Central Bank of Nigeria. According to official records, the recovery timeline between January 28 and August 24, 2026, saw Aiteo settle $1.5 million and N750 million toward its stamp duty obligations. During the same period, Newcross contributed $1.5 million and N553.128 million to cover its outstanding pipeline and terminal fees.
The total sum of $3 million and N1.303 billion has now been formally transferred to the RMAFC. This intervention was empowered by a presidential fiat issued on December 20, 2021, which granted the revenue agency the mandate to track down and recover outstanding debts owed to the federation by both public and private entities.
Source: NaijaProbe