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 payments owed to the Federal Government.
The money was transferred to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2 on November 10, 2026.
The recovery followed an investigation into allegations that the two oil companies failed to pay certain statutory charges due to the Federation over several years.
The investigation was triggered by a petition from a consulting firm engaged by RMAFC, which accused the companies of failing to remit revenues generated from stamp duties and crude oil transportation through designated pipelines.
The alleged irregularities involved six facilities, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, with the outstanding obligations dating back to 2010.
To address the alleged revenue shortfall, RMAFC had earlier obtained presidential authorisation in December 2021 to pursue unpaid government revenues from the affected companies.
An examination of financial documents submitted by the companies revealed that Aiteo had failed to pay $38.43 million in stamp duties connected to its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline.
Newcross was also found to have outstanding crude oil transportation charges amounting to $22.84 million for its use of the Nembe Creek pipeline, which is jointly operated by the Federal Government and Aiteo.
Following the EFCC investigation, both companies reportedly acknowledged their outstanding obligations and began making payments into the commission’s recovery accounts with the Central Bank of Nigeria.
Records of the recovery showed that Aiteo paid $1.5 million and N750 million between January and August 2026 to settle part of its unpaid stamp duties.
Newcross equally remitted $1.5 million and N553.128 million for outstanding pipeline and terminal charges during the same period.
The payments brought the total recovery to $3 million and N1.303 billion, which was subsequently handed over to RMAFC.
The transfer was supervised by the acting zonal director of the EFCC’s Lagos office, Bawa Usman Kaltungo.
The recovery forms part of ongoing efforts to track unpaid statutory revenues and ensure that funds belonging to the Federation are returned to government coffers.
