EFCC Recovers $3m and ₦1.3bn From Two Oil Companies Over Unremitted Government Revenue

The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and ₦1.303 billion from two Nigerian oil companies over outstanding statutory payments owed to the Federal Government.

The affected companies are Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited.

The recovered funds were formally handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2.

According to the anti-graft agency, the recovery followed an investigation triggered by a petition from a consulting firm engaged by RMAFC. The petition alleged that the companies failed to remit certain statutory revenues, including stamp duties and crude oil transportation fees, between 2010 and 2019.

The EFCC disclosed that its investigation established that Aiteo had outstanding stamp duty obligations of approximately $38.43 million arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline.

Newcross was also found to have outstanding crude oil transportation fees amounting to approximately $22.84 million for using the Nembe Creek Trunkline.

The commission explained that both companies acknowledged their respective liabilities and began making payments into its recovery accounts domiciled with the Central Bank of Nigeria.

Between January and August 2026, Aiteo paid $1.5 million and ₦750 million, while Newcross paid another $1.5 million and ₦553.128 million.

The combined payments resulted in the recovery of $3 million and ₦1.303 billion, which have now been transferred to RMAFC.

The development highlights renewed efforts to recover public revenue and strengthen accountability in Nigeria’s petroleum industry.

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