The Economic and Financial Crimes Commission has returned $3 million and N1.303 billion to the Revenue Mobilisation Allocation and Fiscal Commission after recovering unremitted statutory payments from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited.
The Lagos Zonal Directorate 2 of the EFCC disclosed the recovery in a statement posted on the commission's official X account on Tuesday, November 10, 2026. The recovered sums cover outstanding stamp duties and crude oil pipeline transportation fees for the period between 2010 and 2019.
The investigation began after a consulting firm engaged by the RMAFC submitted a petition alleging conspiracy, tax evasion and economic sabotage. The petition claimed that the non-remittance of stamp duties and pipeline transportation fees into designated Federation accounts had caused revenue losses to the Federation. The affected oil infrastructure included the Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline facilities.
The 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 probe, both companies provided documents detailing their remittances for review. The commission's analysis found that Aiteo failed to remit $38.43 million in 1.5 percent stamp duty arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline. Newcross was found to have 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 EFCC said the companies accepted their respective liabilities and began payments through the commission's recovery accounts domiciled with the Central Bank of Nigeria. Further recovery efforts produced additional payments between January 28 and August 24, 2026.
- Aiteo paid $1.5 million and N750 million in respect of unremitted stamp duties. - Newcross paid $1.5 million and N553.128 million towards outstanding pipeline and terminal fees.
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."
