The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and ₦1.303 billion from two oil companies, Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited, over outstanding statutory payments to the Federation.
The commission said the recovered funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Tuesday, November 10, 2026, following an investigation into alleged non-remittance of stamp duties and crude oil pipeline transportation fees.
According to the EFCC, the outstanding payments relate to transactions and operations between 2010 and 2019 involving oil infrastructure, including the Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline facilities.
The investigation followed a petition from a consulting firm engaged by RMAFC, which alleged that the non-remittance of the statutory payments had resulted in revenue losses to the Federation.
The EFCC said its investigation established that Aiteo failed to remit $38.43 million in stamp duties arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline.
Newcross, on the other hand, was found to have outstanding crude oil transportation fees of $22.84 million relating to its use of the Nembe Creek Trunkline, which is operated as a joint venture involving the Federal Government and Aiteo.
The commission said both companies submitted documents detailing their remittances for examination and subsequently accepted their respective liabilities.
They then began making payments into recovery accounts operated by the EFCC and domiciled with the Central Bank of Nigeria.
A breakdown of the recovered funds showed that Aiteo paid $1.5 million and ₦750 million towards outstanding stamp duties.
Newcross also paid $1.5 million and ₦553.128 million towards outstanding pipeline and terminal fees.
The payments, made between January 28 and August 24, 2026, brought the total recovery to $3 million and ₦1.303 billion.
The EFCC said the recovery was conducted by its Lagos Zonal Directorate 2, with the formal handover to RMAFC carried out by the Acting Zonal Director, Bawa Usman Kaltungo.
The commission said the exercise was part of efforts to recover revenues due to the Federation and address financial leakages in the oil and gas sector.
RMAFC had earlier obtained a presidential authorisation dated December 20, 2021, to pursue the recovery of outstanding revenues owed to the Federation by public and private entities.
The latest recovery comes amid wider efforts by government agencies and lawmakers to identify and recover unpaid statutory obligations from oil and gas companies operating in Nigeria.
In March 2025, the House of Representatives summoned 48 oil companies over alleged outstanding obligations estimated at ₦9.4 trillion, covering royalties, concession rentals, gas flare penalties and other payments.
The EFCC’s latest announcement did not establish that Aiteo and Newcross had fully cleared all their outstanding obligations. The $3 million and ₦1.303 billion represent the payments recovered and handed over in this exercise.
The recovery therefore highlights both the government’s efforts to enforce statutory remittances and the continuing challenge of ensuring that revenues due to the Federation are properly assessed, collected and accounted for.