EFCC hands over recovered $3m, N1.3bn unremitted oil revenue from Aiteo, Newcross

The Economic and Financial Crimes Commission (EFCC) has remitted the sums of $3,000,000 and N1,303,128,000 in recovered public funds to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), following an investigation into statutory revenue evasion by two major indigenous oil exploration firms.The recovered monies, which form part of the cumulative tax and tariff liabilities established against Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited, were formally presented on Monday in Lagos by the Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo.