EFCC recovers $3m, N1.3bn from Aiteo, Newcross

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 to the Federation. The funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2 on Monday, November 10, 2026.

The Acting Zonal Director of the directorate, ACE I Bawa Usman Kaltungo, presented the recovered funds during a brief ceremony. The recovery followed an EFCC investigation into a petition 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 to the Federation from stamp duties and pipeline transportation fees were not remitted into designated government accounts.

The affected facilities included Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, with the alleged non-remittance covering the period between 2010 and 2019. In response, 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.

Following the commencement of the investigation, the two companies submitted documents detailing their respective remittances. However, an analysis of the documents by the EFCC established that Aiteo failed to remit $38.43 million, representing 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease (OML) 29 and Nembe Creek Trunkline (NCTL).

Similarly, the investigation revealed that Newcross failed to remit $22.84 million in crude oil transportation fees for the use of Nembe Creek Trunkline, which is operated as a joint venture between the Federal Government and Aiteo. The commission said the two companies subsequently accepted their respective liabilities and commenced payments towards settling the outstanding obligations through its recovery accounts domiciled with the Central Bank of Nigeria (CBN).

Further recovery efforts resulted in additional payments between January 28 and August 24, 2026. During the period, Aiteo paid $1.5 million and N750 million into the EFCC recovery account in respect of outstanding stamp duty. Newcross also paid $1.5 million and N553.128 million as outstanding pipeline and terminal fees. The payments brought the total amount recovered from the two companies to $3 million and N1.303 billion, which the EFCC subsequently handed over to RMAFC.