The Economic and Financial Crimes Commission (EFCC) has handed over $3m and more than ₦1.3bn recovered from two oil companies to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) over alleged failure to remit statutory payments to the Federation Account.
The commission said the recovered funds were unremitted statutory payments owed by Aiteo Exploration and Production Limited and Newcross Exploration & Production Limited.
The handover, involving $3,000,000 and ₦1,303,128,000, was disclosed by the EFCC, which described the recovery as part of its efforts to ensure that revenues due to the federation are properly accounted for.
The funds are expected to strengthen the revenue available for distribution among the federal, state and local governments.
The EFCC did not provide further details on the specific transactions that led to the recovery or when the outstanding payments were originally due.
The development comes amid continued efforts by government agencies to tackle revenue leakages and improve the collection of statutory payments from companies operating in Nigeria’s oil and gas industry.
The RMAFC is constitutionally responsible for monitoring revenue accruing to and its allocation among the three tiers of government.
