EFCC Recovers $3m, N1.3bn from Aiteo, Newcross, Hands Funds Over to RMAFC
The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited over unremitted statutory payments to the Federation.
The recovered funds were formally handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Monday, November 10, 2026, by the Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo.
The recovery followed an investigation initiated by the EFCC after receiving a petition from a consulting firm engaged by RMAFC, alleging conspiracy, tax evasion and economic sabotage over the non-remittance of revenues due to the Federation.
The petition alleged that the two companies failed to remit revenues accruing from stamp duty and pipeline transportation fees involving facilities such as Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline between 2010 and 2019.
Following the investigation, the EFCC reviewed documents submitted by the companies and established that Aiteo Exploration and Production Limited failed to remit $38.43 million in 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease (OML) 29 and Nembe Creek Trunkline.
Similarly, Newcross Exploration & Production Limited was found to have outstanding liabilities of $22.84 million in crude oil transportation fees for the use of Nembe Creek Trunkline, operated under 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).
Between January 28 and August 24, 2026, Aiteo paid $1.5 million and N750 million towards its outstanding stamp duty obligations.
Newcross, on its part, paid $1.5 million and N553.128 million in settlement of outstanding pipeline and terminal fees.
The payments brought the total recovery to $3 million and N1.303 billion, which the EFCC subsequently handed over to RMAFC.
The investigation was conducted following a presidential fiat obtained by RMAFC on December 20, 2021, authorising the commission to recover outstanding revenues owed to the Federation by affected public and private entities.
