EFCC recovers $3m, N1.3bn from Aiteo, Newcross
AI Executive Briefing
Gemini Flash AI~45s readThe EFCC has successfully recovered $3 million and N1.303 billion from Aiteo and Newcross Exploration and Production Limited. These funds, which represent outstanding statutory payments to the Federation, were officially handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
Context & Background
- ✦The investigation stemmed from a petition regarding the non-remittance of stamp duties and pipeline transportation fees between 2010 and 2019.
- ✦The recovery was facilitated by a presidential fiat granted to the RMAFC on December 20, 2021, to pursue outstanding revenues due to the Federation.
Key Figures & Named Entities
•ACE I Bawa Usman Kaltungo, Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, presented the funds.•Aiteo was found to have an outstanding stamp duty liability of $38.43 million, while Newcross had an outstanding pipeline fee liability of $22.84 million.
Outlook & Next Steps
The recovered funds have been handed over to the RMAFC, and the companies have accepted their liabilities, with payments processed through recovery accounts at the Central Bank of Nigeria.
Key Takeaways
AI Summary- The EFCC recovered $3 million and N1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited.
- The funds represent outstanding statutory payments, specifically stamp duties and pipeline transportation fees, owed to the Federation.
- The recovery followed an investigation into allegations of tax evasion and economic sabotage involving oil facilities between 2010 and 2019.
Key Facts:December 20, 2021: A presidential fiat was issued to RMAFC to authorize the recovery of outstanding revenues.November 10, 2026: The EFCC officially handed over the recovered funds to the RMAFC.
Editorial Excerpt
The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited over outstanding statutory payments to the Federation.
Frequently Asked Questions About This Story
Why were Aiteo and Newcross investigated by the EFCC?
They were investigated following a petition alleging conspiracy, tax evasion, and economic sabotage regarding non-remittance of stamp duties and pipeline transportation fees.
What specific oil facilities were involved in the non-remittance allegations?
The affected facilities included Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and the Nembe Creek Trunkline.
