EFCC recovers $3m, N1.3bn from two oil firms
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, representing unremitted statutory payments, were formally transferred to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
Context & Background
- ✦The recovery stems from a petition alleging that revenues from stamp duties and pipeline fees were not paid into Federation accounts between 2010 and 2019.
- ✦The investigation was supported by a presidential fiat issued in 2021, which empowered the RMAFC to recover outstanding revenues from public and private entities.
Key Figures & Named Entities
•Bawa Kaltungo, Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, presented the funds.•Aiteo was identified for failing to remit $38.43 million in stamp duties, while Newcross failed to remit $22.84 million in transportation fees.
Outlook & Next Steps
The recovered funds have been handed over to the RMAFC, and the companies have acknowledged their liabilities and made payments into the EFCC recovery accounts at the Central Bank of Nigeria.
Key Takeaways
AI Summary- The EFCC recovered $3 million and N1.303 billion from Aiteo and Newcross for unremitted statutory payments.
- The funds were recovered following allegations of tax evasion and economic sabotage regarding stamp duties and pipeline fees between 2010 and 2019.
- The recovered money was officially handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on November 10, 2026.
Key Facts:December 20, 2021: The RMAFC obtained a presidential fiat authorizing the recovery of outstanding revenues.January 28, 2026, to August 24, 2026: The EFCC conducted additional recovery efforts resulting in payments from the oil firms.November 10, 2026: The EFCC Lagos Zonal Directorate 2 handed over the recovered funds to the RMAFC.
Editorial Excerpt
The EFCC has recovered $3m and N1.3bn from two oil firms, Aiteo and Newcross, over unremitted statutory payments and handed the funds to the RMAFC.
Frequently Asked Questions About This Story
Why were Aiteo and Newcross investigated by the EFCC?
They were investigated for alleged conspiracy, tax evasion, and economic sabotage regarding the non-remittance of stamp duties and pipeline transportation fees to the Federation between 2010 and 2019.
What specific fees were the companies accused of failing to remit?
Aiteo failed to remit 1.5 percent stamp duty on the acquisition of OML 29 and Nembe Creek Trunkline, while Newcross failed to remit crude oil transportation fees.
