The Economic and Financial Crimes Commission has recovered $3m and N1.303bn from two oil companies over statutory payments not handed to the Federation, the EFCC said. Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited were found to have failed to remit revenues relating to stamp duties and pipeline transportation fees between 2010 and 2019. The EFCC's Lagos Zonal Directorate 2 handed the funds over to the Revenue Mobilisation Allocation and Fiscal Commission on Monday, November 10, 2026, following an investigation that began after the RMAFC received a petition from a consulting firm.
The petition alleged that the two companies had engaged in conspiracy, tax evasion and economic sabotage by not paying revenues due from stamp duties and pipeline transportation fees into Federation accounts. The revenues related to oil facilities including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline. The RMAFC obtained a presidential authorisation dated December 20, 2021, to recover outstanding revenues from the affected entities, the EFCC said.
An EFCC review of documents submitted by the two companies established that Aiteo had failed to remit $38.43m in 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline. Newcross was found to have failed to remit $22.84m in crude oil transportation fees for the use of Nembe Creek Trunkline, which is operated as a joint venture between the Federal Government and Aiteo, according to the EFCC's spokesman, Dele Oyewale.
After acknowledging their respective liabilities, the two companies began making payments into recovery accounts held with the Central Bank of Nigeria. Between January 28 and August 24, 2026, further recovery efforts yielded additional payments. Aiteo paid $1.5m and N750m in respect of outstanding stamp duty, while Newcross paid $3m and N1.303bn, which were handed over to RMAFC during a handover ceremony, the EFCC said.
For businesses operating in Nigeria's oil sector, the recovery underscores the EFCC's enforcement of obligations to remit fees and taxes owed to the Federation and the potential financial exposure for companies found to have outstanding liabilities.