The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and ₦1.303 billion in unremitted statutory revenues from petroleum giants Aiteo Exploration & Production Limited and Newcross Exploration & Production Limited.
The anti-graft agency officially handed over the recovered funds to representatives of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Monday, November 10, 2026, during a ceremony held at the EFCC Lagos Zonal Directorate 2 office.
Presiding over the handover, ACE I Bawa Usman Kaltungo, Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, presented the funds to RMAFC officials. EFCC Head of Media and Publicity, Dele Oyewale, subsequently confirmed the financial details, affirming the Commission’s commitment to recovering all corporate liabilities owed to the Federation.
The financial recovery stems from a joint investigation launched by the EFCC following a petition by a forensic consulting firm working with RMAFC. The audit exposed widespread non-remittance of statutory obligations between 2010 and 2019, including unpaid stamp duties on asset acquisitions and crude oil pipeline transportation fees across critical trunklines such as Escravos, Trans-Forcados, and Nembe Creek.
Specifically, the audit revealed that Aiteo Exploration & Production Limited failed to remit $38.43 million in stamp duties following its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline. Meanwhile, Newcross Exploration & Production Limited accumulated $22.84 million in outstanding crude oil transportation charges for its use of the Nembe Creek Trunkline facility.
Following the probe, both companies acknowledged their liabilities and made installment payments into designated EFCC recovery accounts at the Central Bank of Nigeria between January 28, 2026, and August 24, 2026.
Aiteo cleared $1.5 million and ₦750 million of its stamp duty arrears, while Newcross remitted $1.5 million alongside ₦553.128 million in pipeline transportation fees.
The combined sum of $3 million and ₦1.303,128,000 has now been formally remitted into the Federation Account, with the EFCC reassuring the public that its recovery drive targeting corporate defaults remains ongoing.
