The Economic and Financial Crimes Commission (EFCC) on Tuesday, November 10, handed over $3,000,000 and N1,303,128,000 recovered from Aiteo Exploratio
The Economic and Financial Crimes Commission (EFCC) on Tuesday, November 10, handed over $3,000,000 and N1,303,128,000 recovered from Aiteo Exploration and Production Limited, and Newcross Exploration and Production Limited to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
The recovered money was presented by the acting zonal director of the EFCC’s Lagos zonal directorate 2, Bawa Usman Kaltungo, during a ceremony attended by officials of the two agencies.
The recovery followed an EFCC investigation into a petition alleging that both companies failed to remit statutory revenues from stamp duties and crude oil transportation fees due to the federal government.
According to the petition, revenues accruing to the federation from stamp duties and crude oil pipeline transportation fees were not paid into the designated government accounts.
The affected facilities included Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline.
The alleged non-remittance reportedly resulted in substantial revenue losses to the federation between 2010 and 2019.
Following the development, RMAFC obtained a presidential authorisation dated December 20, 2021, empowering it to recover outstanding revenues owed to the federation by the affected public and private entities.
When the EFCC commenced its investigation, Aiteo and Newcross submitted documents detailing their respective payments and financial obligations.
However, a review of the documents revealed that Aiteo failed to remit $38,430,000, representing 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline (NCTL).
Similarly, the investigation found that Newcross failed to remit $22,841,662.03 in crude oil transportation fees for its use of the Nembe Creek Trunkline, which is operated as a joint venture between the federal government and Aiteo.
The two companies subsequently acknowledged their respective liabilities and began making payments into the EFCC’s recovery accounts domiciled with the Central Bank of Nigeria (CBN).
Further recovery efforts between January 28 and August 24, 2026, resulted in additional payments from both companies.
During the period, Aiteo paid $1,500,000 and N750,000,000 towards its outstanding stamp duty obligations.
Newcross, on its part, paid $1,500,000 and N553,128,000 to settle outstanding pipeline transportation and terminal fees.
The payments brought the total amount recovered from the two companies to $3,000,000 and N1,303,128,000, which the EFCC subsequently transferred to RMAFC.
The recovery represents part of the commission’s efforts to track and recover statutory revenues owed to the federation from private entities operating in the oil and gas sector.
