The Economic and Financial Crimes Commission, EFCC, has recovered over $14m USD,( about N4,380, 295,866.00 at the rate of N303 to a dollar) 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 of the Nigerian oil industry.
The Economic and Financial Crimes Commission, EFCC, has recovered over $14m USD,( about N4,380, 295,866.00 at the rate of N303 to a dollar) 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 of the Nigerian oil industry.
The money was finally paid into the Federal Government’s account with JP Morgan Chase on January 29, 2015, after the EFCC waded forcefully into the matter of recovering taxes due to the Federal Government.
Sources at the Commission, disclosed that the investigation of tax defaulters in the dollar-soaked oil industry is continuing, warning that those who failed to willingly pay up, stand the risk of arrest and prosecution for tax fraud.