EFCC recovers $3m, N1.3bn from two oil firms over unremitted revenues
AI Executive Briefing
Gemini Flash AI~45s readThe EFCC has successfully recovered $3 million and N1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited. These funds, which represent unremitted statutory revenues, were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to bolster Federation accounts.
Context & Background
- ✦The recovery stems from a 2021 presidential fiat that empowered the RMAFC to pursue outstanding revenues owed to the Federation by various entities.
- ✦The investigation targeted systemic failures to remit stamp duties and pipeline transportation charges related to major oil infrastructure assets between 2010 and 2019.
Key Figures & Named Entities
•Bawa Usman Kaltungo, Acting Zonal Director of the EFCC Lagos Zonal Directorate, oversaw the handover ceremony.•Aiteo Exploration and Production Limited had an outstanding liability of $38.43 million in stamp duty, while Newcross owed $22.84 million in crude oil transportation charges.
Outlook & Next Steps
The EFCC continues its ongoing efforts to safeguard public funds and ensure that all revenues due to the Federation are recovered and properly accounted for.
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 recovered funds represent unremitted statutory revenues, including stamp duties and pipeline transportation charges, owed to the Federation between 2010 and 2019.
- The recovered money was formally transferred to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) following a successful investigation into economic sabotage and tax evasion.
Key Facts:December 20, 2021: The RMAFC secured a presidential fiat to recover outstanding revenues from public and private organisations.January 28 to August 24, 2026: Aiteo and Newcross remitted funds into EFCC recovery accounts at the Central Bank of Nigeria.November 10, 2026: The EFCC Lagos Zonal Directorate formally 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 two oil companies over alleged failure to remit statutory revenues due to the Federation.The recovered funds, obtained from Aiteo Exploration and Production Limited and Newcross Exploration and...
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 the failure to remit stamp duty and pipeline transportation charges to the Federation between 2010 and 2019.
What specific oil infrastructure was involved in the revenue dispute?
The dispute involved revenues from the utilisation of Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and the Nembe Creek Trunkline.
