EXCLUSIVE: ICPC, Sterling Oil settle ‘$2.3 billion tax evasion’ dispute, withdraw court case
AI Executive Briefing
Gemini Flash AI~45s readThe ICPC has withdrawn its legal action against Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) following a settlement regarding a $2.3 billion tax evasion dispute. The Federal High Court, presided over by Justice James Omotosho, struck out the case on March 23, 2026, effectively ending the litigation.
Context & Background
- ✦The ICPC had previously accused SEEPCO of under-declaring oil production and using multiple bank accounts to hide profits from the Federal Government.
- ✦The investigation involved allegations that the company's actions deprived the nation of tax revenue, negatively impacting budget performance.
Key Figures & Named Entities
•Osuobeni Akponimisingha, Esq., Head of High Profile Prosecution at the ICPC, confirmed the settlement.•Justice James Omotosho, Federal High Court judge, presided over the case and ordered the withdrawal.•$2.3 billion is the total tax revenue amount allegedly evaded by SEEPCO between 2012 and 2021.
Outlook & Next Steps
With the case struck out and the settlement reached, the legal proceedings are concluded, and the previously frozen bank accounts are expected to be unfrozen.
Key Takeaways
AI Summary- The ICPC has officially withdrawn its court case against Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) following a settlement.
- The legal dispute centered on allegations that SEEPCO evaded approximately $2.3 billion in tax revenue between 2012 and 2021.
- Justice James Omotosho of the Federal High Court struck out the case on March 23, 2026, after the Commission confirmed the settlement.
Key Facts:2012-2021: The ICPC initially alleged that Sterling Oil evaded $2.3 billion in tax revenue between 2012 and 2021.June 24, 2025: Justice James Omotosho ordered the freezing of Sterling Oil's bank accounts for 120 days to facilitate an investigation.March 23, 2026: The ICPC formally withdrew the lawsuit against Sterling Oil following a settlement agreement.
Editorial Excerpt
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has withdrawn its court case against Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) following the settlement of its investigation into an alleged $2.3 billion tax evasion involving the company.
Frequently Asked Questions About This Story
Why did the ICPC initially take Sterling Oil to court?
The ICPC alleged that Sterling Oil under-declared daily oil production and diverted profits into multiple bank accounts to evade approximately $2.3 billion in taxes.
What was the outcome of the court case?
The case was struck out by Justice James Omotosho on March 23, 2026, after the ICPC informed the court that a settlement had been reached with the company.
