The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.303 billion from two oil companies over their failure to remit statutory revenues due to the Federation.

The affected companies are Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited.

The recovered funds were formally handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2 on November 10, 2026.

The EFCC’s spokesperson, Dele Oyewale, disclosed that the recovery followed an investigation initiated after the commission received a petition from a consulting firm engaged by RMAFC.

The petition alleged conspiracy, tax evasion and economic sabotage arising from the failure of the companies to remit government revenues generated from stamp duties and crude oil pipeline transportation fees.

According to the investigation, the outstanding revenues involved operations around Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline facilities between 2010 and 2019.

RMAFC had earlier obtained presidential authorisation dated December 20, 2021, empowering it to recover outstanding revenues owed to the Federation by affected public and private organisations.

During its investigation, the EFCC examined financial records and documents submitted by both companies detailing their respective payments.

The commission established that Aiteo Exploration and Production Limited failed to remit $38.43 million in stamp duties, representing 1.5 per cent of the value arising from its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline.

Similarly, Newcross Exploration and Production Limited was found to have failed to remit approximately $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.

The EFCC disclosed that both companies acknowledged their respective financial obligations and commenced payments into recovery accounts maintained by the commission with the Central Bank of Nigeria.

Further recovery efforts between January 28 and August 24, 2026, resulted in additional payments from the companies.

A breakdown provided by the commission showed that Aiteo paid $1.5 million and N750 million towards its outstanding stamp duty obligations.

Newcross, on the other hand, paid another $1.5 million and N553.128 million towards outstanding pipeline and terminal fees.

The payments brought the total amount recovered to $3 million and N1.303 billion, which was subsequently transferred to RMAFC for onward remittance to the appropriate government accounts.

The EFCC said the recovery formed part of its ongoing efforts to address revenue leakages, enforce financial accountability and ensure that companies fulfil their statutory obligations to the Federation.