The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and ₦1.303 billion in outstanding statutory payments from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited for remittance to the Federation.
The EFCC’s Lagos Zonal Directorate 2 handed over the recovered funds to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Tuesday, November 10, 2026.
The recovery followed an investigation into alleged non-remittance of stamp duties and crude oil pipeline transportation fees accruing to the Federation between 2010 and 2019. The investigation was initiated after the EFCC received a petition from a consulting firm engaged by RMAFC, alleging revenue losses arising from the companies’ operations.
According to the investigation, Aiteo failed to remit $38.43 million in stamp duty arising from its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline, while Newcross had an outstanding liability of $22.84 million in crude oil transportation fees for the use of the Nembe Creek Trunkline.
The two companies subsequently acknowledged their respective liabilities and commenced payments into the EFCC’s recovery accounts domiciled with the Central Bank of Nigeria.
Between January and August 2026, Aiteo paid $1.5 million and ₦750 million, while Newcross paid another $1.5 million and ₦553.128 million, bringing the total recovered to $3 million and ₦1.303 billion.
The recovered funds were formally handed over to RMAFC by the Acting Zonal Director of EFCC Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo.
