The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and ₦1.303 billion from two major indigenous oil firms Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, following allegations of unremitted statutory revenues owed to the Federation.

The recovered sums were officially transferred to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Tuesday, November 10, 2026, by the EFCC’s Lagos Zonal Directorate 2.

Acting Zonal Director Bawa Usman Kaltungo presented the recovered funds during a formal handover ceremony at the commission's office.

The recovery followed a detailed probe launched by the anti-graft agency after receiving a petition from a consulting firm engaged by RMAFC.

The petition alleged economic sabotage, conspiracy, and tax evasion against the two oil majors over their failure to remit statutory stamp duties and pipeline transportation tariffs between 2010 and 2019.

According to the petition, revenues generated from key oil infrastructure networks—including the Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and the Nembe Creek Trunkline—were withheld instead of being paid into designated federation accounts.

Armed with a presidential fiat issued on December 20, 2021, RMAFC authorized the recovery of all outstanding liabilities across public and private sector entities.

Breakdown of Unpaid Liabilities
EFCC investigations into corporate payment records established that Aiteo accumulated an outstanding stamp duty liability of $38.43 million following its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline.

Simultaneously, Newcross was found owing $22.84 million in crude transportation fees for operating along the Nembe Creek Trunkline, a facility run under a joint venture arrangement involving the Federal Government and Aiteo.

Following the anti-graft agency's findings, both companies acknowledged their debts and initiated structured payments into designated EFCC recovery accounts held at 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 remitted $1.5 million and ₦553.128 million to clear part of its pipeline and terminal fees.

The total sums of $3 million and ₦1.303 billion were subsequently presented to RMAFC officials as part of the EFCC's ongoing drive to recover unremitted state revenues.

ID