EFCC Recovers $3m, N1.3bn from Two Oil Firms Over Unremitted Revenues
The Economic and Financial Crimes Commission (EFCC) has recovered $3 million and N1.3 billion from two oil firms over alleged non-remittance of revenues to the Federation.
Background
- Nigeria is Africa's most populous country and the second-largest economy on the continent after South Africa.
- The two oil firms, Aiteo Exploration and Production Limited and Newcross Exploration and Production Limited, are major players in the Nigerian oil industry.
The Recovery
- The EFCC's Lagos Zonal Directorate recovered the funds following an investigation into the non-remittance of revenues from the utilization of oil infrastructure, including Escravos, Pennington, and Nembe Creek Trunkline.
- Aiteo and Newcross admitted to their outstanding obligations and commenced payments into a recovery account held by the EFCC.
Ongoing Efforts
The commission's recovery is part of its ongoing efforts to safeguard public funds and ensure that revenues owed to the Federation are accurately accounted for.
Commission's Statement
In a statement, the EFCC stated that the funds were recovered from the two oil firms for the non-remittance of revenues from the utilization of oil infrastructures, including Escravos, Pennington, and Nembe Creek Trunkline.
Oil Firms' Responses
Aiteo and Newcross admitted to their outstanding obligations and commenced payments into a recovery account held by the EFCC.
Total Recovery Amount
The total amount recovered from the two oil firms is $3 million and N1.3 billion.
EFCC's Efforts
The EFCC's recovery is part of its ongoing efforts to safeguard public funds and ensure that revenues owed to the Federation are accurately accounted for.
Nigeria's Oil Sector
The recovery comes at a time when Nigeria's oil sector is facing challenges due to the global oil price downturn and the COVID-19 pandemic, which has affected oil production and revenue generation.
EFCC Statement
In a statement, the EFCC stated that the funds were recovered from the two oil companies for non-remittance of revenues from the utilization of oil infrastructures, including Escravos, Pennington, and Nembe Creek Trunkline.
Oil Firms' Responses
Aiteo and Newcross admitted to their outstanding obligations and initiated payments into a recovery account held by the EFCC.
Total Recovery Amount
The total amount recovered from the two oil companies is $3 million and N1.3 billion.
EFCC's Efforts
The EFCC's recovery is part of its ongoing efforts to safeguard public funds and ensure that revenues owed to the Federation are accurately accounted for.
Nigeria's Oil Sector
The recovery comes at a time when Nigeria's oil sector is facing challenges due to the global oil price downturn and the COVID-19 pandemic, which has impacted oil production and revenue generation.
EFCC Statement
In a statement, the EFCC stated that the funds were recovered from the two oil companies for non-remittance of revenues from the utilization of oil infrastructures, including Escravos, Pennington, and Nembe Creek Trunkline.
Oil Firms' Responses
Aiteo and Newcross admitted to their outstanding obligations and initiated payments into a recovery account held by the EFCC.
Total Recovery Amount
The total amount recovered from the two oil companies is $3 million and N1.3 billion.
EFCC's Efforts
The EFCC's recovery is part of its ongoing efforts to safeguard public funds and ensure that revenues owed to the Federation are accurately accounted for.
Nigeria'
<small>Source: Daily Post Nigeria — read the original story there.</small>
