EFCC Recovers $3m, N1.3bn from Aiteo, Newcross
The Economic and Financial Crimes Commission (EFCC) has recovered $3 million (approximately $300,000) and N1,303 billion (approximately N36.2 billion) from Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited.
Background
The recovery followed an investigation into alleged non-remittance of stamp duty and pipeline and terminal fees by the two companies, which operate in the oil and gas sector.
EFCC Investigation
The EFCC investigation was triggered by a petition submitted by a consulting firm engaged by the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC).
Companies' Responses
Aiteo and Newcross admitted their non-compliance and have commenced payments towards settling their outstanding obligations.
Payments Made
- Aiteo paid $300,000 and N36.2 billion to RMAFC.
- Newcross paid $300,000 and N36.2 billion to RMAFC.
Total Recovery
The total amount recovered from Aiteo and Newcross amounts to $300,000 and N36.2 billion.
EFCC's Achievements
The recovery is a significant achievement for the EFCC, which has been working to combat corruption in Nigeria's oil and gas sector.
RMAFC's Role
The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) is an agency responsible for ensuring that oil and gas companies remit their due taxes and fees to the Federal Government.
Revenue Mobilization Commission
The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) is responsible for ensuring that oil and gas companies remit their due taxes and fees to the Federal Government.
Companies' Responses
Aiteo and Newcross admitted their non-compliance and have commenced payments towards settling their outstanding obligations.
Total Recovery
The total amount recovered from Aiteo and Newcross amounts to $300,000 and N36.2 billion.
EFCC's Achievements
The recovery is a significant achievement for the Economic and Financial Crimes Commission (EFCC), which has been working to combat corruption in Nigeria's oil and gas sector.
RMAFC's Role
The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) is responsible for ensuring that oil and gas companies remit their due taxes and fees to the Federal Government.
Companies' Responses
Aiteo and Newcross admitted their non-compliance and have commenced payments towards settling their outstanding obligations.
Total Recovery
The total amount recovered from Aiteo and Newcross amounts to $300,000 and N36.2 billion.
EFCC's Achievements
The recovery is a significant achievement for the Economic and Financial Crimes Commission (EFCC), which has been working to combat corruption in Nigeria's oil and gas sector.
RMAFC's Role
The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) is responsible for ensuring that oil and gas companies remit their due taxes and fees to the Federal Government.
Companies' Responses
Aiteo and Newcross admitted their non-compliance and have commenced payments towards settling their outstanding obligations.
Total Recovery
The total amount recovered from Aiteo and Newcross amounts to $300,000 and N36.2 billion.
EFCC's Achievements
The recovery is a significant achievement for the Economic and Financial Crimes Commission (EFCC), which has been working to combat corruption in Nigeria's oil and gas sector.
RMAFC's Role
The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) is responsible
<small>Source: Vanguard News — read the original story there.</small>
