# EFCC Recovers Over N1.3 Billion and $3 Million from Oil Firms in Revenue Probe

- Link: https://viralbrief.top/efcc-recovers-over-n1-3-billion-and-3-million-from-oil-firms-in-revenue-probe/
- Published: 2026-11-11T00:24:28+00:00
- Author: Olamide

The Economic and Financial Crimes Commission (EFCC) has successfully recovered $
3 million and N1.303 billion from two major oil companies, Aiteo Exploration and
Production Limited and Newcross Exploration and Production Limited. The funds, which
represent unremitted statutory revenues, were formally transferred to the Revenue
Mobilisation Allocation and Fiscal Commission (RMAFC) on November 10, 2026.

## Origin of the Investigation

According to the EFCC, the recovery process began following a petition filed by 
a consulting firm engaged by the RMAFC. The petition alleged that the two companies
were involved in economic sabotage, tax evasion, and conspiracy related to the non-
payment of stamp duties and pipeline transportation charges. The investigation focused
on revenues that were reportedly due to the Federation between 2010 and 2019, specifically
involving the utilization of major oil infrastructure such as the Escravos, Pennington,
Trans-Forcados, Odudu, Amenam, and Nembe Creek Trunkline.

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The RMAFC had previously been granted a presidential fiat in December 2021, which
authorized the agency to pursue the recovery of outstanding revenues owed to the
Federation by public and private entities.

## Findings on Outstanding Liabilities

During the investigation, the EFCC reviewed financial documentation provided by 
the companies. The commission reported that Aiteo Exploration and Production Limited
held an outstanding liability of $38.43 million in stamp duty, which stemmed from
its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline. Meanwhile,
Newcross Exploration and Production Limited was found to owe $22.84 million in crude
oil transportation charges related to the use of the Nembe Creek Trunkline, a facility
operating under a joint venture involving the Federal Government and Aiteo.

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## Payment and Recovery Process

The EFCC stated that both companies acknowledged their financial obligations and
initiated payments into recovery accounts managed by the commission at the Central
Bank of Nigeria. The payments were processed between January 28 and August 24, 2026:

 * **Aiteo:** Remitted $1.5 million and N750 million toward its stamp duty obligations.
 * **Newcross:** Paid $1.5 million and N553.128 million to settle pipeline and terminal
   charges.

The total sum recovered was presented to the RMAFC by Bawa Usman Kaltungo, the Acting
Zonal Director of the EFCC’s Lagos Zonal Directorate 2, during a handover ceremony.

## Broader Context of Revenue Enforcement

The EFCC maintains that this recovery is part of its broader mandate to safeguard
public funds and ensure that all revenues due to the Federation are properly accounted
for and collected. While the current recovery addresses a portion of the alleged
outstanding liabilities, the source did not provide further details regarding the
remaining balance of the initial $38.43 million and $22.84 million liabilities identified
during the investigation.

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The successful transfer of these funds marks a significant step in the government’s
ongoing efforts to reconcile accounts within the oil and gas sector and ensure compliance
with statutory revenue obligations.

<

p class=”vbna-source-note”>**Source:** [Daily Post Nigeria](https://dailypost.ng/2026/11/10/efcc-recovers-3m-n1-3bn-from-two-oil-firms-over-unremitted-revenues/)

  TL;DR (AI Generated)

The Economic and Financial Crimes Commission recovered $3 million and over N

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