Oil
EFCC recovers funds from oil firms over unremitted fees
The Economic and Financial Crimes Commission has retrieved millions in overdue statutory payments from two domestic energy producers on behalf of the revenue commission.
Key points
- EFCC recovers $3 million and N1.303 billion from Aiteo and Newcross.
- Funds relate to unpaid stamp duties and crude transportation fees from 2010 to 2019.
- Investigations follow a petition regarding missing revenues from key oil infrastructure.
What happened
According to Nairametrics reporting, the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission successfully retrieved three million United States dollars and one billion, three hundred and three million naira. These funds were collected from Aiteo Exploration and Production Limited as well as Newcross Exploration and Production Limited. The recovery was executed on behalf of the Revenue Mobilisation Allocation and Fiscal Commission.
The retrieved monies stem from outstanding stamp duties and crude oil pipeline transportation charges covering a nine-year timeframe between 2010 and 2019. An investigative process was initiated following a formal petition filed by a consultancy firm hired by the revenue commission. The petition highlighted allegations of economic sabotage, tax evasion, and conspiracy concerning unremitted statutory payments meant for designated Federation accounts.
The probe focused on critical petroleum infrastructure assets, including the Escravos, Pennington, Trans-Forcados, Odudu, Amenam, and Nembe Creek Trunkline installations. Subsequent regulatory analysis revealed that Aiteo omitted payments regarding its acquisition of Oil Mining Lease 29 and associated infrastructure, while Newcross fell short on transportation tariffs for utilizing the Nembe Creek asset, which operates as a joint venture involving the federal administration.
Both corporate entities acknowledged their respective liabilities and initiated payments through dedicated recovery accounts managed by the Central Bank of Nigeria. Additional transactions occurred between January and August 2026, although authorities noted that the liabilities have not yet been fully cleared by either operator. Wider legislative oversight has previously flagged billions of dollars in unpaid royalties and taxes across numerous other sector participants.
Why it matters
This enforcement action highlights ongoing challenges in fiscal compliance within the extractive sector. In an economy where fuel exports account for 85.9 percent of merchandise exports according to World Bank figures for 2025, transparent and accurate remittance of statutory revenues is critical for national public finances.
For energy investors and policymakers in Nigeria, heightened regulatory scrutiny over historical debts signals a tightening operational environment. Ensuring that statutory obligations such as stamp duties and transport tariffs are fully settled supports broader macroeconomic stability and reinforces governance standards across the domestic hydrocarbons industry, while reassuring international partners regarding transparency.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
