EFCC recovers $3m, N1.3bn from two oil firms over unremitted revenues

The Economic and Financial Crimes Commission, EFCC, has recovered $3 million and N1.303 billion from two oil companies over alleged failure to remit statutory revenues due to the Federation. The recovered funds, obtained from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, were formally transferred to the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, by the EFCC’s Lagos Zonal Directorate 2. The Acting Zonal Director, Bawa Usman Kaltungo, presented the money to the commission at a brief handover ceremony held on November 10, 2026. The recovery followed an investigation initiated by the EFCC after it received a petition from a consul...