The commission says the companies acknowledged liabilities totalling more than $61m in stamp duties and pipeline fees, but the latest recovery represents only part of the amount.
The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and ₦1.303 billion from two oil companies over outstanding statutory payments to the Federation Account.
The funds, recovered from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited, were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), according to the anti-graft agency.
In a statement issued on Tuesday, the EFCC said Bawa Usman Kaltungo, acting zonal director of its Lagos Zonal Directorate 2, presented the recovered funds to RMAFC at a handover ceremony on Monday.
The recovery followed an investigation into allegations that the companies failed to remit stamp duties and crude oil transportation fees due to the Federation between 2010 and 2019.
How the EFCC established the liabilities
The commission said its investigation was triggered by a petition from a consulting firm engaged by RMAFC. The petition alleged conspiracy, tax evasion and economic sabotage over the non-remittance of revenues into designated government accounts.
The agency said 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.
During the investigation, Aiteo and Newcross submitted documents detailing their respective remittances for examination.
However, the EFCC said its review established that Aiteo failed to remit $38.43 million in stamp duty, representing 1.5 per cent of the value arising from its acquisition of Oil Mining Lease 29 (OML 29) and the Nembe Creek Trunkline.
The commission also said Newcross failed to remit $22.84 million in crude oil transportation fees for its use of the Nembe Creek Trunkline, which is operated as a joint venture between the Federal Government and Aiteo.
The two companies subsequently accepted their respective liabilities and began making payments into the EFCC’s recovery accounts domiciled with the Central Bank of Nigeria (CBN), the commission said.
Breakdown of payments by the oil firms
According to the EFCC, further recovery efforts resulted in payments between January 28 and August 24, 2026.
Aiteo paid $1.5 million and ₦750 million towards its outstanding stamp duty obligations.
Newcross also paid $1.5 million and ₦553.128 million towards its outstanding pipeline and terminal fees.
The payments brought the total recovered to $3 million and ₦1.303 billion, which the EFCC subsequently transferred to RMAFC.
The commission’s figures show that the two companies had combined liabilities of about $61.27 million in the outstanding stamp duty and transportation fees identified during the investigation.
However, the $3 million recovered in foreign currency and the ₦1.303 billion paid in local currency represent the amounts disclosed in the latest recovery exercise. The EFCC did not state that the companies had fully settled their liabilities or provide a timeline for payment of any remaining obligations.
The recovery forms part of efforts to collect statutory revenues due to the Federation and ensure they are transferred to the appropriate government accounts.
