The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited over outstanding statutory payments owed to the Federation.
The recovered funds were formally handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC Lagos Zonal Directorate 2 on Monday, November 10, 2026.
The Acting Zonal Director of the directorate, ACE I Bawa Usman Kaltungo, presented the funds during a brief handover ceremony.
The recovery followed an investigation into a petition submitted by a consulting firm engaged by RMAFC, which alleged conspiracy, tax evasion and economic sabotage resulting in revenue losses to the Federation.
The petition alleged that revenues accruing from stamp duties and pipeline transportation fees between 2010 and 2019 were not remitted into designated government accounts.
The affected facilities included Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline.
Following the petition, RMAFC obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues owed to the Federation by the affected public and private entities.
During the investigation, the EFCC examined documents submitted by both companies and established that Aiteo failed to remit $38.43 million in stamp duties, representing 1.5 per cent of its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline.
Similarly, Newcross was found to have outstanding crude oil transportation fees amounting to $22.84 million for its use of the Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.
The commission disclosed that both companies subsequently acknowledged their respective liabilities and began making payments into its recovery accounts domiciled with the Central Bank of Nigeria (CBN).
Between January 28 and August 24, 2026, Aiteo paid $1.5 million and N750 million towards settling its outstanding stamp duty obligations.
Newcross also remitted $1.5 million and N553.128 million in outstanding pipeline and terminal fees.
The payments brought the total recovery to $3 million and N1.303 billion, which the EFCC subsequently transferred to RMAFC.
The recovery is part of efforts by the commission and relevant government agencies to recover outstanding revenues and strengthen statutory remittances to the Federation.