EFCC Hands Over $3m and ₦1.3bn Recovered from Aiteo and Newcross to RMAFC

The EFCC has handed over $3 million and ₦1.303 billion recovered from Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The recovery relates to outstanding statutory payments to the Federation. The amount handed over was $3 million, not $300 million as stated in one part of the report. An EFCC investigation followed a petition alleging that stamp duty and pipeline transportation fees linked to the companies’ operations had not been remitted. The liabilities identified included $38.43 million in stamp duty attributed to Aiteo and $22.84 million in pipeline transportation fees attributed to Newcross. The companies accepted their respective liabilities and began making payments through EFCC recovery accounts at the Central Bank of Nigeria. Between January and August 2026, Aiteo paid $1.5 million and ₦750 million, while Newcross paid $1.5 million and ₦553.128 million. The recovered funds were handed over to RMAFC at a ceremony.

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