EFCC Hands Over $3m, ₦1.3bn Recovered Revenue to RMAFC

​LAGOS — In a major boost to public revenue collection, the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has formally handed over recovered unremitted funds totaling $3 million and ₦1.303 billion to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).

​The presentation ceremony, held on Monday, November 10, 2026, featured the transfer of $3,000,000.00 and ₦1,303,128,000.00 recovered from two major industry operators: Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited.

​The Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo, spearheaded the handover of the funds, which represent critical liabilities established against the firms for failing to remit statutory payments to the Federation account.

​Petition and Presidential Fiat Trigger Probe

​The extensive investigation leading to the recovery was initiated after the EFCC received a formal petition from a consulting firm engaged by RMAFC. The petition leveled serious allegations of economic sabotage, tax evasion, and conspiracy, citing massive revenue losses suffered by the Federation between 2010 and 2019.

​According to findings, revenues accruable to the Federation concerning stamp duties and pipeline transportation fees were systematically diverted away from designated official accounts. The affected infrastructure and terminals involved in the audit included:

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• ​Escravos
• ​Pennington
• ​Trans-Forcados
• ​Odudu
• ​Amenam
• ​Nembe Creek Trunkline (NCTL)

​Acting on the gravity of the infractions, RMAFC secured a presidential fiat on December 20, 2021, empowering the commission to recover all outstanding and trapped public revenues from both public and private entities.

​Uncovering Multi-Million Dollar Liabilities

​Following the launch of the EFCC probe, Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited submitted documentation regarding their operational remittances.

​However, forensic reviews and financial analysis by investigators exposed wide gaps in their compliance:

• ​Aiteo Exploration and Production Limited: Investigators established that the firm failed to remit $38,430,000.00, representing a 1.5 per cent stamp duty liability stemming from its acquisition of Oil Mining Lease (OML 29) and the Nembe Creek Trunkline.
• ​Newcross Exploration & Production Limited: The probe revealed an unremitted total of $22,841,662.03 accrued as crude oil transportation fees for utilizing the Nembe Creek Trunkline—operated as a joint venture between the Federal Government and Aiteo.

​Staggered Payments and Final Handover

​Confronted with the findings, both energy firms accepted their liabilities and initiated installment settlements through EFCC recovery accounts domiciled with the Central Bank of Nigeria (CBN).

​Between January 28, 2026, and August 24, 2026, aggressive follow-ups yielded substantial payments:

• ​Aiteo remitted $1,500,000.00 alongside ₦750,000,000.00 toward its outstanding stamp duty.
• ​Newcross paid $1,500,000.00 alongside ₦553,128,000.00 to cover outstanding pipeline and terminal fees.

​With the cumulative recovery reaching the milestone figures of $3 million and over ₦1.3 billion, the anti-graft agency successfully concluded this phase of the recovery effort, returning the funds directly to RMAFC to shore up national fiscal allocations.