The EFCC has handed $3 million and N1.3 billion recovered from two oil companies, Aiteo Exploration and Production and Newcross Exploration and Production, to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
EFCC spokesperson Dele Oyewale said in a statement on Tuesday that Bawa Kaltungo, acting director of the commission’s Lagos Zonal Directorate 2, presented the money to the RMAFC on Monday.
The EFCC said the two companies had failed to pay stamp duty and pipeline fees owed to the Federation, and that its investigation put the unpaid sums at more than $61 million in all. The money recovered so far is a small part of that.
The investigation began after a consulting firm hired by the RMAFC petitioned the EFCC, alleging that stamp duties and pipeline fees linked to facilities including Escravos, Pennington, Trans-Forcados, Odudu, Amenam and the Nembe Creek Trunkline were not paid into Federation accounts between 2010 and 2019, Oyewale said.
The EFCC said Aiteo failed to remit $38.43 million in 1.5 per cent stamp duty on its acquisition of Oil Mining Lease 29 and the Nembe Creek Trunkline. It said Newcross failed to remit $22.84 million in fees for using the trunkline, which Aiteo runs in a joint venture with the federal government.
Both companies acknowledged the debts and paid into EFCC recovery accounts at the CBN between 28 January and 24 August, the commission said. Aiteo paid $1.5 million and N750 million, and Newcross paid $1.5 million and about N553.1 million.
The RMAFC obtained a presidential order in December 2021 authorising it to recover outstanding revenue owed to the Federation by public and private bodies.
The EFCC did not say when or how the rest of the money owed would be paid.
Sources: Premium Times; Punch
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