Aiteo, Newcross Pay $3m, N1.3bn Outstanding Revenues as EFCC Hands Over Recovery to RMAFC
The Economic and Financial Crimes Commission (EFCC) has handed over $3 million and N1.303 billion recovered from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
The funds represent part of the outstanding statutory revenues owed to the Federation by the two oil companies over alleged non-remittance of stamp duties and crude oil transportation fees.
The handover ceremony took place on Monday, November 10, 2026, with the Acting Zonal Director of EFCC’s Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo, presenting the recovered funds to RMAFC.
According to the EFCC, the recovery followed a petition submitted by a consulting firm engaged by RMAFC, which accused the companies of conspiracy, tax evasion and economic sabotage resulting in revenue losses to the Federation.
The investigation centred on alleged unpaid revenues from stamp duty and pipeline transportation fees associated with Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline facilities between 2010 and 2019.
Investigators discovered that Aiteo Exploration and Production Limited had failed to remit $38.43 million in stamp duty arising from its acquisition of OML 29 and Nembe Creek Trunkline.
Newcross Exploration & Production Limited was also found to owe $22.84 million in crude oil transportation fees for utilising the Nembe Creek Trunkline, which is jointly operated by the Federal Government and Aiteo.
Following the EFCC’s investigation and review of relevant financial documents, both companies accepted their respective liabilities and commenced payments through the commission’s recovery accounts with the Central Bank of Nigeria.
Records showed that between January 28 and August 24, 2026, Aiteo remitted $1.5 million and N750 million, while Newcross paid another $1.5 million and N553.128 million.
The combined payments amounted to $3 million and N1.303 billion, which were subsequently transferred to RMAFC.
The recovery exercise was backed by a presidential fiat dated December 20, 2021, which authorised RMAFC to pursue the recovery of all outstanding revenues due to the Federation from the affected public and private organisations.
The EFCC said the recovery followed sustained investigative and enforcement efforts to ensure that revenues belonging to the Federation were accounted for and remitted appropriately.
