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

The Economic and Financial Crimes Commission (EFCC) has recovered $3m and N1.3bn from two oil companies over unremitted statutory revenues owed to the Federation between 2010 and 2019.

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

The companies, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, were investigated over alleged non-remittance of stamp duties and crude oil pipeline transportation fees.

EFCC spokesman, Dele Oyewale, disclosed this in a statement on Tuesday, saying the recovery followed a petition alleging conspiracy, tax evasion and economic sabotage.

According to Oyewale, investigations revealed that Aiteo failed to remit $38.43m in stamp duty arising from its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline.

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Newcross was also found to have failed to remit $22.84m in crude oil transportation fees for the use of the Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.

The EFCC said both companies acknowledged their liabilities and commenced payments into recovery accounts domiciled with the Central Bank of Nigeria between January 28 and August 24.

Aiteo paid $1.5m and N750m towards its outstanding stamp duty, while Newcross remitted $1.5m and over N553.1m in outstanding pipeline and terminal fees.

The commission said the recovered funds were subsequently transferred to RMAFC, which is responsible for monitoring revenue accruing to the Federation and ensuring appropriate distribution.