Thursday, February 4, 2016

EFCC recovers 4.3 billion naira from oil firm

The ongoing investigation by the Economic and Financial Crimes Commission into the operations of the Nigerian National Petroleum Corporation yielded fruits with the recovery of $14m oil funds from one of the companies operating in the upstream sector of the nation’s economy.
EFCC recovers 4.3 billion naira from oil firm

But the name of the oil firm was kept under wraps last night because it has some outstanding obligations to the Federal Government.

Some oil firms are also under probe for evading payment of royalty to the government.

It was learnt that the anti-graft agency may arrest and prosecute tax or royalty evaders.

A top source in EFCC, who spoke in confidence, said:
“The commission has recovered over $14 million USD (about N4,380, 295,866.00) for the Federal Government, being crude oil royalty which was supposed to have been paid between 2011 and 2012 by an oil and gas company operating in the upstream sector. 
“The investigation of tax defaulters in the oil industry is continuing, warning that those who failed to pay up stand the risk of arrest and prosecution for tax fraud.”
The Acting Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, had, at NEITI-Companies’ Forum in Lagos in December, said 42 oil and gas companies paid $293 billion to the Federal Government between 2006 and 2012.

Culled from

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