The Economic and Financial Crimes Commission, EFCC, has handed over $3 million and over N1.3 billion recovered from two oil companies to the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC.
The funds were recovered from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited over alleged failure to remit statutory payments due to the Federation.
The EFCC said investigations revealed that Aiteo owed outstanding stamp duties, while Newcross failed to remit crude oil transportation fees linked to the Nembe Creek Trunkline.
According to the Commission, the alleged revenue shortfalls occurred between 2010 and 2019.
The companies subsequently acknowledged their respective liabilities and made payments into the EFCC’s recovery accounts with the Central Bank of Nigeria, CBN.
The recovered funds were formally handed over to RMAFC by the Acting Zonal Director of the EFCC’s Lagos Directorate 2, Bawa Usman Kaltungo.
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(Editor: Terverr Tyav)
