The Economic and Financial Crimes Commission, EFCC, says it has handed over $3,000,000 and N1,303,128,000 to the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, recovered from two oil companies as unremitted statutory payments to the federation.
The two oil companies are Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, according to the EFCC.
In a statement released on Tuesday, the anti-graft agency said the recovered funds were handed over by Bawa Kaltungo, acting zonal director of the EFCC’s Lagos zonal directorate 2, to RMAFC at a brief ceremony on Monday.
The EFCC said the recovery followed an investigation triggered by a petition from a consulting firm engaged by RMAFC, which alleged conspiracy, tax evasion and economic sabotage.
The agency said the petitioner also alleged that revenues accruable to the Federation in respect of stamp duty and pipeline transportation fees were not remitted into the designated accounts of the Federation.
The EFCC said the failure to remit the revenue reportedly resulted in substantial losses to the federation between 2010 and 2019.
In response, RMAFC obtained a presidential fiat dated December 20, 2021, authorising it to recover all outstanding revenues due to the Federation from the affected public and private entities, the statement reads.
Following the commencement of investigation by the EFCC, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited submitted relevant documents detailing their remittances in respect of their respective operations.
However, a review and analysis of the documents established that Aiteo failed to remit the sum of $38,430,000, being 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease, OML 29, and Nembe Creek Trunkline, NCTL.
Also, investigation revealed that Newcross Exploration and Production Limited failed to remit $22,841,662.03 as crude oil transportation fees for the use of Nembe Creek Trunkline, which is operated as a joint venture between the Federal Government and Aiteo Exploration and Production Limited.
The two companies subsequently accepted their respective liabilities and commenced payments towards the settlement of the outstanding obligations through the EFCC’s recovery accounts domiciled with the Central Bank of Nigeria, CBN.
Further investigation and recovery efforts resulted in additional payments between January 28, 2026, and August 24, 2026.
During the period, Aiteo Exploration and Production Limited paid $1,500,000 and N750,000,000 into the EFCC recovery account in respect of unremitted stamp duty.
Newcross Exploration and Production Limited paid $1,500,000 and N553,128,000 as outstanding pipeline and terminal fees.
