# EFCC recovers $3m, N1.3bn unremitted revenues

> EFCC hands $3m and N1.3bn to RMAFC after recovering unremitted revenues from two firms.
- Title: EFCC recovers $3m, N1.3bn unremitted revenues | Shortify
- Summary: EFCC hands $3m and N1.3bn to RMAFC after recovering unremitted revenues from two firms.
- Keywords: efcc, rmafc, aiteo exploration and production limited, newcross exploration and production limi, unremitted revenues, federal government, revenue recovery, statutory payments, Premium Times Nigeria
- Source: Premium Times Nigeria — https://premiumtimesng.com/news/top-news/924265-efcc-recovers-3m-n1-3bn-unremitted-revenues-from-two-firms-hands-over-funds-to-rmafc.html
- Author: Falmata Daniel
- Published: 2026-11-10T20:08:13+00:00
- Read time: 2 min
- Topics: efcc, rmafc, aiteo exploration and production limited, newcross exploration and production limi, unremitted revenues, federal government, revenue recovery, statutory payments, news, politics
## EFCC recovers $3m, N1.3bn unremitted revenues
The Economic and Financial Crimes Commission has handed over $3 million and N1.3 billion in unremitted federal government revenues recovered from two companies to the Revenue Mobilisation Allocation and Fiscal Commission.
## Funds recovered from two firms
The EFCC recovered $3 million and N1.3 billion from Aiteo Exploration and Newcross Exploration & Production Limited.
## Liabilities for unremitted payments
The funds were part of liabilities established against the companies for unremitted statutory payments to the federation.
## How case started
EFCC investigated the companies after receiving a petition from a consulting firm engaged by RMAFC alleging conspiracy, tax evasion and economic sabotage.
## Audit findings
An audit revealed stamp duty and pipeline transportation fees were not remitted to the government, affecting oil hubs and pipelines including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek Trunkline.
## Revenue loss period
The lack of compliance created a huge loss to the government between 2010 and 2019.
## Presidential fiat
RMAFC obtained a presidential fiat on December 20, 2021 authorizing recovery of all outstanding revenues due to the Federation.
## Company submissions
The two companies submitted all relevant documents to EFCC during investigations.
## Aiteo's debt
Aiteo did not remit $38.43 million, which is 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease and Nembe Creek Trunkline.
## Newcross debt
Newcross Exploration & Production Limited did not remit $22,841,662.03 as crude oil transportation fees for Nembe Creek Trunkline.
## Nembe Creek Trunkline
Nembe Creek Trunkline is operated as a joint venture between the federal government and Aiteo Exploration and Production Limited.
## Payments timeline
The companies admitted the money they owed and began making payments into EFCC’s recovery accounts at the Central Bank of Nigeria between January 28 and August 24.
## Aiteo payments
Aiteo paid back $1.5 million and N750 million of unremitted stamp duty.
## Newcross payments
Newcross paid $1.5 million and over N553.1 million as outstanding pipeline and terminal fees.
## Total recovered funds
Summed together, $3 million and N1.3 billion were paid by the companies.
## Key takeaway

The Economic and Financial Crimes Commission recovered $3 million and N1.3 billion in unremitted federal revenues from Aiteo Exploration and Newcross Exploration & Production Limited and handed them to the Revenue Mobilisation Allocation and Fiscal Commission.