EFCC Recovers $3M, N1.3BN from Aiteo, Newcross for Unremitted Funds

Add us to your Preferred Sources EFCC recovers $3m, N1.3bn from two oil firms News November 10, 2026 7:46 pm Economic and Financial Crimes Commission officials. Photo: EFCC Kindly share this story: The Economic and Financial Crimes Commission has recovered $3m and N1.303bn from two oil companies, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, over unremitted statutory payments to the Federation. The funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission by the EFCCs Lagos Zonal Directorate 2 on Monday, November 10, 2026. According to a statement issued on Tuesday by the EFCCs spokesman, Dele Oyewale, the Acting Zonal Director of the directorate, Bawa Kaltungo, presented the recovered funds during a brief ceremony. He said the recovery followed an investigation initiated by the EFCC after it received a petition from a consulting firm engaged by RMAFC, alleging conspiracy, tax evasion and economic sabotage over the non-remittance of revenues accruable to the Federation. Oyewale said the petition alleged that revenues from stamp duties and pipeline transportation fees relating to oil facilities, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, were not paid into the designated Federation accounts between 2010 and 2019. Make PUNCH part of your everyday experience. Add us to your Preferred Sources He stated that, following the allegations, RMAFC obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues due to the Federation from the affected public and private entities. During the investigation, Oyewale said the EFCC reviewed documents submitted by the two companies detailing their respective remittances and established that Aiteo failed to remit $38.43m in 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline. Following the commencement of investigation by the EFCC, Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited submitted relevant documents detailing their remittances in respect of their respective operations. However, a review and analysis of the documents established that Aiteo failed to remit the sum of $38,430,000.00 (Thirty-Eight Million, Four Hundred and Thirty Thousand United States Dollars), being 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease (OML 29) and Nembe Creek Trunkline (NCTL), Oyewale said. Again, OK Movement, Natasha clash over constituency cash giveaway LG autonomy: EFCC probes 774 chairmen’s spending Remain good ambassadors, Olukoyede tells EFCC Retirees He also said Newcross was found to have failed to remit $22.84m in crude oil transportation fees for the use of Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo. The commissions spokesman said the two companies subsequently acknowledged their respective liabilities and commenced payments into its recovery accounts domiciled with the Central Bank of Nigeria. He said further recovery efforts between January 28 and August 24, 2026, resulted in additional payments by the companies. According to the EFCC, Aiteo paid 1.5m and N553.128m in respect of outstanding pipeline and terminal fees. The payments, he said, brought the total amount recovered to $`3m and N1.303bn, which were subsequently handed over to RMAFC. Further investigation and recovery efforts resulted in additional payments between January 28, 2026, and August 24, 2026. During the period, Aiteo Exploration and Production Limited paid `$1,500,000.00 and N750,000,000.00 into the EFCC recovery account in respect of unremitted stamp duty. Newcross Exploration & Production Limited paid 3,000,000.00 and ₦1,303,128,000.00, which were handed over to RMAFC during the brief ceremony, Oyewale said. Solomon Odeniyi Solomon Odeniyi is a journalist at Punch Newspapers with over six years of professional experienc

Lawyers and compliance officers in Nigeria's oil and gas sector should advise clients to conduct thorough internal audits of historical statutory payments, particularly stamp duties and pipeline transportation fees, to ensure full compliance. The EFCC's successful recovery efforts, even for liabilities dating back to 2010, signal a continued and aggressive enforcement stance against non-remittance, posing significant financial and reputational risks for non-compliant entities.

Source: Original reporting via Punch Nigeria