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2 clusters · 5 sources · 6 days · First seen · Last updated
EFCC financial crime and oil revenue enforcement
Overview
The Economic and Financial Crimes Commission (EFCC) has conducted several operations involving the recovery of significant funds and the discovery of illegal activities in Nigeria.
Over a 34 month period ending July 31, 2026, the EFCC recovered more than N1.233 trillion and various foreign currencies, securing 10,872 convictions. In a separate intelligence led operation in Ogun State, investigators discovered an illegal oil refinery allegedly operated by Chinese nationals. The facility was reportedly processing sludge oil into diesel for commercial sale. This follows a previous incident in the same region involving the alleged operation of illegal lithium processing plants.
Additionally, the EFCC recovered $3 million and N1,303,128,000 in unpaid statutory oil payments from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited. The recovery resulted from investigations into allegations of conspiracy, tax evasion, and economic sabotage regarding unremitted stamp duties and pipeline transportation fees between 2010 and 2019. The recovered funds were transferred to the Revenue Mobilisation Allocation and Fiscal Commission.
Entities
Nigeria · Economic and Financial Crimes Commission · Ogun State · Newcross Exploration and Production Limited · Ola Olukoyede
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The EFCC recovered $3,000,000 and N1,303,128,000 from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited. businesselitesafrica.com · theglittersonline.com.ng · www.worldstagenews.com
- [● 2 SOURCES] The recovered funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on November 10, 2026. theglittersonline.com.ng · www.worldstagenews.com
- [● 2 SOURCES] The investigation followed a petition alleging conspiracy, tax evasion, and economic sabotage. theglittersonline.com.ng · www.worldstagenews.com
- [● 2 SOURCES] The alleged non-remittance of revenues occurred between 2010 and 2019. theglittersonline.com.ng · www.worldstagenews.com
- [● 2 SOURCES] The unremitted revenues concerned stamp duty and pipeline transportation fees. theglittersonline.com.ng · www.worldstagenews.com
- [● 2 SOURCES] The RMAFC obtained a presidential fiat on December 20, 2021, to recover outstanding revenues. theglittersonline.com.ng · www.worldstagenews.com
- [● 2 SOURCES] Affected facilities included Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and Nembe Creek Trunkline. theglittersonline.com.ng · www.worldstagenews.com
Timeline
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[BUSINESS] 3 sourcesEFCC recovers $3m and N1.3bn in unpaid oil fees from Aiteo and Newcross
The EFCC recovered $3 million and N1.3 billion in unpaid statutory oil fees from Aiteo and Newcross Exploration, handing the funds to the RMAFC following investigations into revenue losses.
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[CRIME] 2 sourcesEFCC recovers N1.233 trillion and uncovers illegal refinery in Nigeria
Nigeria's EFCC has recovered N1.233 trillion and secured over 10,000 convictions, while also uncovering an illegal oil refinery in Ogun State allegedly run by Chinese nationals.
Sources
businesselitesafrica.com · tgnews.com.ng · theglittersonline.com.ng · thisdaylive.com · worldstagenews.com