By Joy Onu
The Acting Zonal Director of the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, Bawa Usman Kaltungo, has handed over $3 million and ₦1.303 billion recovered from two oil companies to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) over unpaid statutory revenues due to the Federation.
Kaltungo handed over the funds on Monday, November 10, 2026, following an investigation into outstanding payments by Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited.
According to a statement by the EFCC Head of Media and Publicity, Dele Oyewale, the investigation followed a petition from a consulting firm engaged by RMAFC, alleging conspiracy, tax evasion and economic sabotage arising from the non-remittance of stamp duty and pipeline transportation fees.
The petition alleged that revenues accruable to the Federation from operations involving Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline were not remitted between 2010 and 2019.
To facilitate the recovery, RMAFC obtained a presidential fiat on December 20, 2021, authorising it to recover outstanding revenues owed to the Federation by the affected public and private entities.
During the EFCC investigation, both companies submitted documents detailing their remittances. However, an analysis of the records established that Aiteo owed $38.43 million in stamp duty, while Newcross had an outstanding liability of $22.84 million in crude oil transportation fees.
The Commission found that Aiteo failed to remit $38,430,000, representing 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease (OML) 29 and Nembe Creek Trunkline (NCTL).
Newcross was also found to have failed to pay $22,841,662.03 in transportation fees for the use of Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.
Both companies subsequently accepted their respective liabilities and began making payments into the EFCC recovery accounts domiciled with the Central Bank of Nigeria (CBN).
Between January 28 and August 24, 2026, Aiteo paid $1.5 million and ₦750 million towards its stamp duty obligations, while Newcross paid $1.5 million and ₦553.128 million in outstanding pipeline and terminal fees.
The payments brought the total recovered to $3 million and ₦1,303,128,000, which the EFCC handed over to RMAFC for the Federation.
