# EFCC Recovers $3 Million and N1.3 Billion in Unremitted Federal Revenues Anti-graft agency recovers outstanding statutory payments from two major oil exploration companies. - **Source:** [Premium Times Nigeria](https://www.premiumtimesng.com) - **Published:** 2026-11-10 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/28113833-4643-4bce-bade-1aea2d3fa7db ## Recovery of Federal Funds The Economic and Financial Crimes Commission (EFCC) has successfully recovered $3 million and N1.3 billion in unremitted government revenues. These funds were transferred to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The recovery follows an investigation into liabilities established against two private oil companies for failing to meet statutory payment obligations. ## Targeted Oil Companies The investigation focused on Aiteo Exploration and Production Limited and Newcross Exploration Production Limited. Authorities examined financial records regarding stamp duties and pipeline transportation fees. The companies cooperated by submitting relevant documentation to the anti-graft agency, eventually admitting to the outstanding debts and initiating payments into the Central Bank of Nigeria. ## Scope of Financial Irregularities The probe covered revenue losses occurring between 2010 and 2019. Specifically, Aiteo failed to remit $38.43 million in stamp duties related to oil mining lease acquisitions. Meanwhile, Newcross owed over $22.8 million in crude oil transportation fees. These fees are associated with critical infrastructure, including the Nembe Creek Trunkline and other major terminals. ## Legal Basis for Recovery The operation was initiated following a petition from a consulting firm hired by the RMAFC. The petition alleged conspiracy, tax evasion, and economic sabotage. To address these losses, the RMAFC obtained a presidential fiat on 20 December 2021, granting the commission authority to recover all outstanding revenues due to the Nigerian Federation. ## Payment and Settlement Process The companies began settling their liabilities between 28 January and 24 August. Aiteo paid $1.5 million and N750 million, while Newcross contributed $1.5 million and over N553.1 million. These payments were processed directly into the EFCC's recovery accounts held at the Central Bank of Nigeria to ensure transparency and proper federal accounting. ## Impact on Public Finance Nigeria relies heavily on crude oil earnings to fund its national budget and public infrastructure projects. The failure to remit statutory taxes creates significant fiscal gaps for the government. By securing these funds, the EFCC aims to mitigate revenue losses and bolster the national treasury, which remains a core operational priority for them. ## EFCC's Recent Financial Interventions This recovery is part of a broader trend of financial enforcement by the EFCC. In March, the agency returned over N3.9 billion to the Nigerian National Petroleum Company Limited. Furthermore, in June, it announced the recovery of N9.4 billion and $21.2 million linked to investigations into the maintenance of Nigeria’s national refineries. ## Broader Enforcement Strategy Over the past three years, the EFCC has secured the forfeiture of cash and assets exceeding $500 million. These efforts highlight a sustained push to enforce fiscal discipline among private entities operating in the oil sector. The agency continues to prioritize the recovery of proceeds of crime for onward remittance to rightful owners. ## Sources covering this story - https://www.premiumtimesng.com/news/top-news/924265-efcc-recovers-3m-n1-3bn-unremitted-revenues-from-two-firms-hands-over-funds-to-rmafc.html — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._