RismadarVoice Reporters
November 10, 2026
The Economic and Financial Crimes Commission (EFCC) has reported the recovery of $3 million and ₦1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited over alleged outstanding statutory payments owed to the Nigerian Federation.
According to the commission, the recovered funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Monday by the Acting Zonal Director of its Lagos Zonal Directorate 2, Bawa Usman Kaltungo.
The recovery followed investigations arising from a petition submitted by a consulting firm engaged by RMAFC.
The petition alleged conspiracy, tax evasion and economic sabotage involving the non-remittance of stamp duties and crude oil transportation fees between 2010 and 2019.
The affected facilities reportedly included Escravos, Pennington, Trans-Forcados, Odudu, Amenam and the Nembe Creek Trunkline.
The EFCC said the investigation was supported by a presidential authorisation dated December 20, 2021, permitting RMAFC to pursue outstanding revenues owed to the Federation.
Following the commencement of investigations, both companies submitted documents detailing their financial remittances.
According to the commission, its analysis indicated that Aiteo had outstanding stamp duty obligations amounting to $38.43 million arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline.
Newcross was similarly assessed as owing $22.84 million in crude oil transportation fees associated with the Nembe Creek Trunkline.
The EFCC stated that both companies subsequently acknowledged their respective liabilities and commenced payments into designated recovery accounts with the Central Bank of Nigeria.
Between January 28 and August 24, 2026, Aiteo reportedly paid $1.5 million and ₦750 million towards its outstanding obligations.
During the same period, Newcross remitted $1.5 million and ₦553.128 million in connection with outstanding pipeline and terminal fees.
The combined recoveries amounted to $3 million and ₦1.303 billion.
However, the amounts recovered represent partial payments against the larger liabilities identified during the investigation.
The commission did not indicate that the companies had fully settled their outstanding obligations.
The EFCC maintained that the recovery formed part of its efforts to ensure accountability in the collection and remittance of statutory revenues due to the Federation.
The development also highlights continuing scrutiny of financial obligations associated with Nigeria’s oil and gas infrastructure.
