EFCC hands over $3m, ₦1.3bn recovered from Aiteo, Newcross to RMAFC

The Economic and Financial Crimes Commission (EFCC) has handed over $3 million and ₦1.303 billion recovered from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) over outstanding statutory payments due to the Federation.

The funds were formally handed over on Monday, November 10, 2026, by the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo, during a brief ceremony.
The recovery followed an investigation initiated after the commission received a petition from a consulting firm engaged by RMAFC. The petition alleged conspiracy, tax evasion and economic sabotage arising from the non-remittance of revenues accruable to the Federation through stamp duty and pipeline transportation fees.

Advertisements

According to the investigation, the alleged non-remittances involved oil facilities and pipelines, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, with the reported revenue losses covering the period between 2010 and 2019.

RMAFC subsequently 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.

Advertisements

Following the commencement of the EFCC investigation, both companies submitted documents detailing their respective remittances for review and analysis.
The review established that Aiteo Exploration and Production Limited failed to remit $38.43 million in stamp duty, representing 1.5 per cent of the value associated with its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline (NCTL).

Similarly, the investigation found that Newcross Exploration & Production Limited had outstanding crude oil transportation fees amounting to $22.84 million for its use of the Nembe Creek Trunkline, which operates as a joint venture between the Federal Government and Aiteo Exploration and Production Limited.

The two companies subsequently accepted their respective liabilities and began making payments into the EFCC’s 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 ₦750 million towards its outstanding stamp duty obligations, while Newcross paid $1.5 million and ₦553.128 million in outstanding pipeline and terminal fees.

The payments brought the total amount recovered from the two companies to $3 million and ₦1.303 billion, which the EFCC subsequently transferred to RMAFC.
The recovery represents part of ongoing efforts to recover outstanding statutory revenues owed to the Federation and ensure that funds due to the government are remitted to the appropriate accounts.

The EFCC’s action also underscores the role of inter-agency collaboration in identifying and recovering public revenues arising from oil and gas operations.

Advertisements