EFCC recovers $3m, N1.3bn from 2 oil firms
AI Executive Briefing
Gemini Flash AI~45s readThe EFCC has successfully recovered $3 million and N1.3 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited. These funds were identified as unremitted statutory payments owed to the Federation, specifically related to stamp duties and pipeline transportation fees.
Context & Background
- ✦The investigation stems from a petition regarding the non-remittance of revenues due to the Federation between 2010 and 2019.
- ✦The recovery highlights ongoing efforts by the EFCC and RMAFC to ensure oil companies fulfill their statutory financial obligations to the Nigerian government.
Key Figures & Named Entities
•Dele Oyewale, EFCC spokesman, confirmed the recovery and the nature of the investigation.Aiteo Exploration and Production Limited:Paid $1.5 million and N750 million.Newcross Exploration & Production Limited:Paid $1.5 million and over N553.1 million.
Outlook & Next Steps
The recovered funds have been handed over to the RMAFC, and the companies have acknowledged their liabilities and completed the specified payments into the EFCC recovery accounts.
Key Takeaways
AI Summary- The EFCC recovered $3 million and N1.3 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited.
- The funds represent unremitted statutory payments, including stamp duties and pipeline transportation fees, owed to the Federation.
- The recovery followed a petition alleging tax evasion and economic sabotage regarding revenue non-remittance between 2010 and 2019.
Key Facts:2010-2019: The period during which the alleged non-remittance of stamp duties and pipeline fees occurred.28 January to 24 August: The timeframe during which the companies made payments into the EFCC recovery accounts at the Central Bank of Nigeria.
Editorial Excerpt
The Economic and Financial Crimes Commission (EFCC) has recovered $3m and N1.3bn from two oil companies, Aiteo Exploration and Production Limited and Newcross...
Frequently Asked Questions About This Story
Which government agency received the recovered funds from the EFCC?
The recovered funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
What specific charges were leveled against the two oil companies?
The companies were investigated following a petition alleging conspiracy, tax evasion, and economic sabotage regarding the non-remittance of revenues due to the Federation.
