EFCC Recovers $3m, N1.303bn from Aiteo, Newcross Over Unpaid Federation Revenues

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 owed to the Federation.

The recovered 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 money during a brief handover ceremony.

The recovery followed an investigation into a petition submitted by a consulting firm engaged by RMAFC. The petition alleged conspiracy, tax evasion and economic sabotage, resulting in revenue losses to the Federation.

According to the allegations, revenues from stamp duties and pipeline transportation fees were not paid 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 from 2010 to 2019.

RMAFC had earlier 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.

During the EFCC investigation, both companies submitted documents detailing their respective payments. However, an analysis by the commission found that Aiteo had failed to remit $38.43 million in stamp duty, representing 1.5 per cent of its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline.

The investigation also found that Newcross had failed to remit $22.84 million in crude oil transportation fees for using the Nembe Creek Trunkline, which is operated as a joint venture between the Federal Government and Aiteo.

The EFCC said both companies subsequently accepted their respective liabilities and began making payments through recovery accounts domiciled with the Central Bank of Nigeria.

Further payments were made between January 28 and August 24, 2026. During that period, Aiteo paid $1.5 million and N750 million towards its outstanding stamp duty, while Newcross paid $1.5 million and N553.128 million in outstanding pipeline and terminal fees.

The payments brought the total recovered from the two companies to $3 million and N1.303 billion, which the EFCC has now transferred to RMAFC.