EFCC recovers $3m, N1.3bn from two oil firms
The EFCC has recovered $3m and N1.3bn from two oil firms, Aiteo and Newcross, over unremitted statutory payments and handed the funds to the RMAFC. Read More: https://punchng.com/efcc-recovers-3m-n1-3bn-from-two-oil-firms/
The Economic and Financial Crimes Commission (EFCC) has recovered a total of $3 million and N1.303 billion from two oil companies, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, over unremitted statutory payments to the Federation. The recovery was facilitated by the EFCC’s Lagos Zonal Directorate 2, which presented the funds to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on November 10, 2026.
The recovery came after an investigation initiated by the EFCC following a petition alleging tax evasion and economic sabotage by the companies over the non-remittance of revenues from various oil facilities.
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