Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), says two oil companies have paid back US$3 million and 1.303 billion naira (about US$967,000) in fees owed to the federal government. The money has gone to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), the constitutional body that monitors federal revenue.
The EFCC’s Lagos office announced the handover on Tuesday 10 November 2026. The two companies are Aiteo Exploration and Production and Newcross Exploration & Production, two oil companies.
Key Facts
- Amount US$3 million plus 1.303 billion naira (about US$967,000), together about US$3.97 million.
- Paid by Oil producers Aiteo and Newcross paid US$1.5 million each, plus naira.
- Owed Aiteo US$38.43 million in stamp duty, a deal tax; Newcross US$22.84 million in crude transport fees.
- Share The anti-corruption agency’s figures make the payments roughly 6.5% of US$61.27 million owed.
- Rate used N1,348.20 per US$, market close of 10 November 2026.
The sums recovered are small: the EFCC’s figures put what the firms owed at more than 15 times what they have paid so far. It does not say whether the rest is still due.
What the EFCC Says Was Owed
The EFCC says Aiteo failed to pay US$38.43 million in stamp duty, a 1.5% tax on its acquisition of Oil Mining Lease 29 (OML 29) and the Nembe Creek Trunkline. OML 29 is an oil block in the Niger Delta, and the trunkline is a crude oil pipeline.
It says Newcross failed to pay US$22.84 million in crude oil transportation fees for using the trunkline. The fees relate to the Escravos, Pennington, Trans-Forcados, Odudu, Amenam and Nembe Creek facilities.
How the Money Was Recovered
According to the EFCC, the payments were made between 28 January and 24 August 2026 into its recovery accounts at the Central Bank of Nigeria, the country’s central bank. Aiteo paid US$1.5 million and N750 million (about US$556,000) toward its stamp duty, and Newcross paid US$1.5 million and N553.128 million (about US$410,000) toward pipeline and terminal fees.
The EFCC says both companies accepted their liabilities and submitted documents. Bawa Usman Kaltungo, acting zonal director of Lagos Zonal Directorate 2, the EFCC’s regional office in Lagos, led the handover.
The case began when a consulting firm hired by RMAFC petitioned the EFCC, alleging conspiracy, tax evasion and economic sabotage, which are allegations and not findings of a court. RMAFC holds a presidential fiat, or formal authorisation, dated 20 December 2021 to recover revenues owed to the federal government.
What Is Not Known
The EFCC’s account does not say whether Aiteo and Newcross have settled their full liabilities, and the payments equal about 6.5% of the US$61.27 million it says was owed. We found no statement from either company as of 10 November 2026.
The exact day of the handover is also unclear, because the statement as quoted gives “Monday, November 10, 2026”, which was a Tuesday. The handover may have been on Monday 9 November, so we date the announcement and not the handover.
What It Means for You
Unpaid fees owed to the federal government reduce public revenue, so arrears from oil producers matter for Nigeria’s budgets. Recovering about US$3.97 million is small against that, but it shows the EFCC pursuing old debts from named producers.
For US investors in Nigerian oil assets or debt, the case shows that old stamp duty and pipeline fee arrears have turned into cash payments years later. The sums are small, so the immediate market impact is likely to be limited.
Related reading: the EFCC chairman’s claim about a refunded church gift, the EFCC’s illegal refinery case in Ogun State and the Kano fraud arraignment.
More: Nigeria news in English, every day from The Rio Times.
Frequently Asked Questions
How much did the EFCC recover?
The EFCC says it recovered US$3 million and 1.303 billion naira (about US$967,000), together about US$3.97 million. The money came from Aiteo Exploration and Production and Newcross Exploration & Production.
What is RMAFC?
The Revenue Mobilisation Allocation and Fiscal Commission is a Nigerian constitutional body that monitors federal revenue and advises on fiscal matters. It received the recovered funds.
What fees were unpaid?
Aiteo is said to have owed US$38.43 million in stamp duty, a deal tax, on its acquisition of OML 29 and the Nembe Creek Trunkline. Newcross is said to have owed US$22.84 million in crude oil transportation fees for using that pipeline.
Is the debt fully paid?
The EFCC’s account does not say so. The payments are about 6.5% of the US$61.27 million it says was owed.
Sources: Economic and Financial Crimes Commission, Lagos Zonal Directorate 2, statement of 10 November 2026 (efcc.gov.ng); Revenue Mobilisation Allocation and Fiscal Commission. Naira converted at N1,348.20 per US$, the market close of 10 November 2026.
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