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[BUSINESS] · Nigeria · 3 sources

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Part of situation: EFCC financial crime and oil revenue enforcement (2 clusters)

EFCC recovers $3m and N1.3bn in unpaid oil fees from Aiteo and Newcross

EFCC RMAFC Aiteo Exploration Newcross Exploration oil revenue recovery

The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1,303,128,000 in unremitted statutory oil payments from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited. The funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on November 10, 2026.

The recovery follows an investigation triggered by a petition alleging conspiracy, tax evasion, and economic sabotage. The petitioner claimed that revenues from stamp duties and pipeline transportation fees for facilities including Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and the Nembe Creek Trunkline were not remitted to the Federation between 2010 and 2019.

To facilitate the recovery, the RMAFC obtained a presidential fiat on December 20, 2021, authorizing the collection of outstanding revenues from affected entities. While both companies submitted remittance documentation for review, analysis established that the statutory payments had not been fully remitted to the Federation Account.

Entities

Aiteo Exploration and Production Limited · Economic and Financial Crimes Commission · Newcross Exploration and Production Limited · Nigeria · Revenue Mobilisation Allocation and Fiscal Commission

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

EFCC Recovers $3m, N1.3bn Unpaid Oil Fees from Aiteo, [businesselitesafrica.com]
EFCC Hands Over Recovered $3m, N1.3bn Unremitted Revenue [theglittersonline.com.ng]
Nigeria: EFCC hands over recovered $3m, N1.3bn unremitted revenue to RMAFC [www.worldstagenews.com]