EFCC recovers $3m, N1.3bn from two oil firms over unremitted revenues

The Economic and Financial Crimes Commission, EFCC, has recovered $3 cardinal and N1.303 cardinal from 2 lipid companies implicit alleged nonaccomplishment to remit statutory revenues owed to the Federation.

The recovered funds, obtained from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, were formally transferred to the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, by the EFCC’s Lagos Zonal Directorate 2.

The Acting Zonal Director, Bawa Usman Kaltungo, presented the wealth to the committee astatine a little handover ceremonial held connected November 10, 2026.

The betterment followed an probe initiated by the EFCC aft it received a petition from a consulting steadfast contracted by RMAFC. The petition accused the companies of conspiracy, taxation evasion and economical sabotage implicit their alleged nonaccomplishment to remit stamp work and pipeline proscription charges.

It alleged that revenues owed to the Federation from the utilisation of lipid infrastructure, including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline, were not paid into designated authorities accounts betwixt 2010 and 2019.

RMAFC had earlier secured a statesmanlike fiat dated D...