The EFCC
The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and ₦1.303 billion from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited over outstanding statutory payments due to the Federation.
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The commission handed the recovered funds to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) following an investigation into unpaid stamp duties and crude oil pipeline transportation fees covering the period between 2010 and 2019.
The EFCC disclosed the recovery on 10 November 2026, saying its investigation established outstanding liabilities against both companies. The recovered amounts represent payments made by the companies between 28 January and 24 August 2026.
How the EFCC Established the Outstanding Payments
The investigation followed a petition from a consulting firm engaged by RMAFC, which alleged that revenues due to the Federation from stamp duties and pipeline transportation fees had not been paid into designated government accounts.
The affected oil infrastructure included the Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline facilities.
RMAFC had obtained a presidential authorisation dated 20 December 2021, empowering it to recover outstanding revenues owed to the Federation by affected public and private entities.
During the investigation, Aiteo and Newcross submitted documents detailing their respective remittances. The EFCC reviewed the records and identified outstanding obligations against both companies.
According to the commission, Aiteo failed to remit $38.43 million in stamp duty, representing 1.5 per cent of the value associated with its acquisition of Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline.
Newcross, meanwhile, had an outstanding obligation of $22.84 million in crude oil transportation fees for its use of the Nembe Creek Trunkline, which operates as a joint venture between the Federal Government and Aiteo.
Breakdown of Payments by Aiteo and Newcross
The EFCC said both companies accepted their respective liabilities and began making payments into the commission's recovery accounts domiciled with the Central Bank of Nigeria (CBN).
The payments made between January and August 2026 comprised:
Aiteo Exploration and Production Limited: Paid $1.5 million and ₦750 million towards outstanding stamp duties.
Newcross Exploration and Production Limited: Paid $1.5 million and ₦553.128 million towards outstanding pipeline and terminal fees.
Together, the payments amounted to $3 million and ₦1.303 billion, which the EFCC subsequently transferred to RMAFC.
The commission did not confirm that the companies had fully settled their original liabilities of $38.43 million and $22.84 million respectively. The recovered amounts therefore represent payments made in the latest recovery exercise, rather than confirmation that all outstanding obligations have been cleared.
Recovery Follows Wider Efforts to Collect Oil Industry Revenues
The recovery forms part of broader government efforts to collect outstanding statutory payments from companies operating in Nigeria's oil and gas industry.
In October 2021, the Federal Government authorised several agencies, including the EFCC and the Nigeria Extractive Industries Transparency Initiative (NEITI), to pursue approximately ₦2.65 trillion in unremitted revenues from 77 oil companies.
More recently, in March 2025, the House of Representatives summoned 48 oil companies over alleged outstanding obligations totalling ₦9.4 trillion. The claims covered unpaid royalties, concession rentals, gas flare penalties and other statutory payments.
Newcross was among the companies named in the parliamentary proceedings. The House subsequently disclosed that seven oil companies, including Newcross, had acknowledged outstanding debts of $37.44 million and undertaken to remit the amount to the Federation Account.
The EFCC's latest recovery adds to these efforts to improve the collection of revenues from petroleum operations and ensure that statutory payments reach government accounts.
Revenue Recovery and Accountability in the Oil Sector
The recovery of $3 million and ₦1.303 billion highlights the role of enforcement agencies in pursuing outstanding statutory payments from oil companies.
For the Federal Government, collecting these revenues supports public finances and strengthens efforts to ensure compliance with the financial obligations attached to petroleum operations.
However, the difference between the original liabilities identified by the EFCC and the amounts recovered in this exercise means that the settlement of the remaining obligations remains an important consideration.
The commission has not disclosed a timeline for any further payments by the companies. The recovery nevertheless represents a step in the government's continuing efforts to improve revenue accountability across Nigeria's oil and gas industry.
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