The Economic and Financial Crimes Commission (EFCC) has remitted the sums of $3,000,000 and N1,303,128,000 in recovered public funds to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), following an investigation into statutory revenue evasion by two major indigenous oil exploration firms.
The recovered monies, which form part of the cumulative tax and tariff liabilities established against Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited, were formally presented on Monday in Lagos by the Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo.
The recovery was prompted by a petition submitted by a forensic consulting firm acting on behalf of RMAFC, which accused the operators of conspiracy, tax evasion, and economic sabotage that drained substantial earnings from the federation account.
The complaint detailed systemic defaults in statutory remittances relating to stamp duties and crude oil pipeline transportation tariffs between 2010 and 2019 across key infrastructure corridors, including the Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and Nembe Creek Trunkline networks.
To pursue the unremitted funds, RMAFC secured a presidential fiat dated December 20, 2021, mandating the comprehensive recovery of all outstanding revenues from the implicated entities.
Subsequent investigations and forensic reviews conducted by anti-graft operatives established that Aiteo defaulted on $`38,430,000 in statutory obligations, representing a 1.5 percent stamp duty assessment arising from its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline.
Newcross was also indicted for failing to remit `$22,841,662.03 in pipeline throughput charges for conveying crude through the trunkline, an asset jointly operated by the Federal Government and Aiteo.
Following the verification of the liabilities, both energy companies conceded their indebtedness and initiated structured settlement payments into dedicated EFCC recovery accounts domiciled with the Central Bank of Nigeria.
Under recovery enforcement carried out between January 28 and August 24, 2026, Aiteo disbursed $1,500,000 and N750,000,000 towards its stamp duty arrears, while Newcross remitted
1,500,000 and N553,128,000 to cover outstanding transportation tariffs, culminating in the aggregate funds handed over to the fiscal mobilization agency.
