The Economic and Financial Crimes Commission (EFCC) has recovered $3m and N1.303bn from two oil companies, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, over outstanding statutory payments allegedly owed to the Federation.
The recovered funds were formally handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2 on Monday, November 10, 2026.
The commission disclosed this in a statement issued on Tuesday by its Head of Media and Publicity, Dele Oyewale, who said the recovery followed investigations into allegations of non-remittance of revenues generated from oil-related operations.
According to the statement, the investigation began after the anti-graft agency received a petition from a consulting firm engaged by RMAFC, alleging conspiracy, tax evasion, and economic sabotage involving the failure of the two companies to remit revenues due to the Federation.
The petition specifically raised concerns over unpaid stamp duties and crude oil pipeline transportation charges associated with several oil facilities, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and Nembe Creek Trunkline between 2010 and 2019.
Oyewale explained that RMAFC had earlier obtained a presidential authorisation dated December 20, 2021, empowering it to recover outstanding revenues owed to the Federation by both public and private entities.
He said the EFCC subsequently examined financial records and documents submitted by the companies to establish the extent of their outstanding obligations.
The investigation reportedly established that Aiteo failed to remit $38.43m, representing 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline.
Similarly, Newcross was found to have outstanding crude oil transportation fees amounting to $22.84m for its use of the Nembe Creek Trunkline, which is operated as a joint venture involving the Federal Government and Aiteo.
The EFCC spokesman said both companies acknowledged their respective liabilities and began making payments into recovery accounts maintained by the commission with the Central Bank of Nigeria.
He added that subsequent investigations and recovery efforts between January 28 and August 24, 2026, led to further payments by the companies.
During the period, Aiteo reportedly paid $1.5m and N750m into the EFCC recovery account as part of its outstanding stamp duty obligations.
Newcross also made payments towards its outstanding liabilities, with the commission confirming that the combined recoveries from the two companies amounted to $3m and N1.303bn.
Oyewale said the recovered funds were subsequently transferred to RMAFC for onward remittance to the Federation.
The handover ceremony was conducted by the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Bawa Kaltungo, who presented the funds to representatives of the revenue commission.
The EFCC said the recovery formed part of its ongoing efforts to protect public revenue, tackle financial crimes, and ensure that statutory payments due to the Federation are properly accounted for.
