EFCC Recovers $3m, N1.3bn from Oil Firms Aiteo and Newcross
The Economic and Financial Crimes Commission (EFCC) has successfully recovered a total of $3m and N1.3bn from two major oil firms operating in Nigeria, Aiteo and Newcross. The funds were retrieved due to the unremitted statutory payments made by the firms.
The EFCC has handed over the recovered amount to the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC). According to the source, the oil firms failed to remit the statutory payments, which are supposed to be used for the development of local communities surrounding their operations.
For its part, Aiteo has expressed its readiness to cooperate with the EFCC and resolve the matter. The company stated, "Aiteo is committed to ensuring that all necessary payments are made in line with the laws and regulations of the Federal Republic of Nigeria."
Newcross also assured the public of its commitment to rectify the situation. The company said, "Newcross Energy Nigeria Limited is committed to ensuring that all statutory obligations are met as required by law."
The recovery of the funds is expected to have a positive impact on the Nigerian government's revenue and the development of the affected communities.
- EFCC recovers $3m and N1.3bn from Aiteo and Newcross
- Funds retrieved due to unremitted statutory payments
- Funds handed over to RMAFC for community development
- Aiteo and Newcross assure cooperation and compliance with Nigerian laws
<small>Source: Punch Nigeria — read the original story there.</small>