The Economic and Financial Crimes Commission (EFCC) has recovered $3m and N1.3bn from two oil companies, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, over unremitted statutory payments to the Federation.

The recovered funds were handed over to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) by the EFCC’s Lagos Zonal Directorate 2 on Monday.

EFCC spokesman, Dele Oyewale, in a statement on Tuesday, said the recovery followed an investigation into a petition alleging conspiracy, tax evasion and economic sabotage over the non-remittance of revenues due to the Federation.

He said the petition, submitted by a consulting firm engaged by RMAFC, alleged that stamp duties and pipeline transportation fees from oil facilities were not remitted between 2010 and 2019.

Oyewale said investigations established that Aiteo failed to remit $38.43m in 1.5 per cent stamp duty arising from its acquisition of Oil Mining Lease 29 and Nembe Creek Trunkline.

Newcross was also found to have failed to remit $22.84m in crude oil transportation fees for the use of the Nembe Creek Trunkline, operated as a joint venture between the Federal Government and Aiteo.

He said both companies acknowledged their liabilities and began making payments into EFCC recovery accounts domiciled with the Central Bank of Nigeria between 28 January and 24 August.

Aiteo Exploration and Production Limited paid back $1.5million and N750 million of unremitted stamp duty, the EFCC said.

According to the agency, Newcross Exploration & Production Limited paid $1,500,000 and over N553.1 million as outstanding pipeline and terminal fees. (Daily Trust)