EFCC recovers $3m, N1.3bn from two oil firms over unremitted revenues

The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and 1.303 billion naira from two oil companies for allegedly failing to remit statutory revenues owed to the Federation.

The funds were obtained from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, and were officially transferred to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2. Acting Zonal Director Bawa Usman Kaltungo presented the recovered funds during a brief handover ceremony on November 10, 2026.

The recovery followed an investigation initiated by the EFCC after it received a petition from a consulting firm hired by RMAFC. The petition alleged that the companies conspired to evade taxes and sabotage economic interests by failing to remit stamp duties and pipeline transportation charges. It also claimed that between 2010 and 2019, revenues due to the Federation from the use of essential oil infrastructure—including the Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and Nembe Creek Trunkline—were not deposited into designated government accounts.

Prior to this recovery, RMAFC secured a presidential fiat on December 20, 2021, granting it the authority to recover outstanding revenues owed to the Federation by both public and private entities.

As part of its investigation, the EFCC gathered documents from both companies outlining their payments. The review of these records indicated that Aiteo had an outstanding liability of $38.43 million in stamp duty related to its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline. Newcross was found to owe $22.84 million in crude oil transportation charges for its use of the same trunkline, which operates through a joint venture between the Federal Government and Aiteo.

Both companies reportedly acknowledged their liabilities and began making payments into recovery accounts managed by the EFCC at the Central Bank of Nigeria. From January 28 to August 24, 2026, Aiteo remitted $1.5 million and 750 million naira to address its unpaid stamp duty obligations. In a similar effort, Newcross paid $1.5 million and 553.128 million naira to settle outstanding pipeline and terminal charges.

The total amount collected from the two companies stands at $3 million and 1.303 billion naira, which has now been transferred to RMAFC. The EFCC stated that this recovery is part of its ongoing commitment to protect public funds and ensure the accountability of revenues owed to the Federation.

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