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The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion for the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited over unremitted statutory payments to the Federation.
The recovery was disclosed by the EFCC’s Lagos Zonal Directorate 2 in a statement published on the commission’s official X page on Tuesday, November 10, 2026.
The recovered funds relate to outstanding stamp duties and crude oil pipeline transportation fees covering the period between 2010 and 2019.
EFCC recovers $3 million from Aiteo, Newcross
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The EFCC said the recovery followed an investigation prompted by a petition from a consulting firm engaged by RMAFC.
The petition alleged conspiracy, tax evasion and economic sabotage, resulting in revenue losses to the Federation through the non-remittance of stamp duties and pipeline transportation fees into designated Federation accounts.
- The commission said in its statement: “The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, on Monday, November 10, 2026, handed over the sums of $3,000,000.00 (Three Million United States Dollars) and N1,303,128,000.00 (One Billion, Three Hundred and Three Million, One Hundred and Twenty-eight Thousand Naira) recovered from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited to the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC.”
The affected oil infrastructure included the Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline facilities. According to the EFCC, the alleged non-remittance occurred between 2010 and 2019.
How EFCC established Aiteo, Newcross liabilities
RMAFC had obtained a presidential fiat dated December 20, 2021, authorising it to recover outstanding revenues due to the Federation from affected public and private entities. Following the EFCC investigation, both companies submitted documents detailing their remittances for review.
The commission’s analysis established that Aiteo failed to remit $38.43 million in 1.5% stamp duty arising from its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline. Newcross, meanwhile, was found to have failed to remit $22.84 million in crude oil transportation fees for its use of the Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.
The EFCC said the companies accepted their respective liabilities and began making payments through the commission’s recovery accounts domiciled with the Central Bank of Nigeria (CBN).
How Aiteo and Newcross made payments
Further investigation and recovery efforts resulted in additional payments between January 28 and August 24, 2026. The EFCC provided a breakdown of the amounts paid by each company.
- Aiteo paid $1.5 million and N750 million into the commission’s recovery account in respect of unremitted stamp duties.
- Newcross paid $1.5 million and N553.128 million towards its outstanding pipeline and terminal fees.
- The payments brought the total recovery from the two companies to $3 million and N1.303 billion.
- The EFCC formally handed over the recovered funds to RMAFC on Tuesday, November 10, 2026. The handover was conducted by the Acting Zonal Director of the commission’s Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo.
The commission did not state that the companies had fully settled their respective liabilities. The amounts therefore represent the payments disclosed in the latest recovery exercise, rather than confirmation that all outstanding obligations have been cleared.
Previous efforts to recover oil revenues
The recovery comes amid wider Federal Government efforts to collect outstanding statutory revenues from oil and gas companies operating in Nigeria. Previous investigations and legislative actions have also focused on unpaid taxes, royalties, concession rentals and other obligations to the Federation.
The outstanding obligations included petroleum profit tax, company income tax, education tax, value-added tax, withholding tax, royalties and concession rentals.
- In March 2025, the House of Representatives summoned 48 oil companies over alleged outstanding obligations totalling N9.4 trillion. The claims covered unpaid royalties, concession rentals, gas flare penalties and other contractual payments. Aiteo Group and Newcross Exploration & Production Limited were among the companies named.
In a subsequent development, the House disclosed that seven oil companies, including Newcross, had acknowledged outstanding debts of $37.44 million and undertaken to remit the amount to the Federation Account before August 2025. The committee also identified another $1.7 billion in unpaid royalties owed by 45 oil and gas companies as of December 31, 2024.
