ICPC Withdraws $2.3 Billion Tax Evasion Case Against Sterling Oil

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has withdrawn its court case against Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) concerning an alleged $2.3 billion tax evasion. This motion was withdrawn on March 23, 2026, by Osuobeni Akponimisingha, Esq., Head of High Profile Prosecution at the ICPC.

Justice James Omotosho, presiding over the Federal High Court, struck out the case following the ICPC lawyer's request. The investigation began on June 24, 2025, when Akponimisingha alleged that Sterling Oil had been under-declaring its oil production to evade taxes and had registered multiple companies and bank accounts for this purpose.

The court initially froze Sterling Oil's bank accounts for 120 days to facilitate the investigation. However, during the March 2026 proceedings, Akponimisingha informed the court of a settlement with Sterling Oil, leading to the withdrawal of the case and its subsequent dismissal by Justice Omotosho.