The Executive Chairman of the Nigeria Revenue Service, NRS, Dr. Zacch Adedeji, has firmly dismissed a wave of online publications linking the agency to an alleged fraud involving the Frontier Exploration Fund, describing the reports as nothing more than sponsored fake news orchestrated by detractors.
The circulating reports had alleged that a staggering sum of $279 million was surreptitiously moved from the Fund’s account into some unnamed private accounts.
The publications further insinuated that Dr. Adedeji and the leadership of the NRS were not only aware of the purported illegal transfer but had also failed to act on it.
According to the online narrative, the alleged infraction had placed the NRS boss under mounting pressure, with unnamed stakeholders reportedly demanding a forensic audit of the Fund’s records.
But Adedeji has categorically rejected the claims, describing them as the imaginative concoctions of individuals bent on smearing his reputation and undermining the credibility of the NRS.
“That report is not true in any way. It is pure fake news sponsored by some jobless persons whose pastime is to throw mud at high performers in the President Tinubu government. I consider it to be a brand of cheap journalism lacking in ethics and professionalism but heavy with malicious intentions,” he stated.
Also Read: Former NNPCL CFO refutes claims of missing ₦210tn
He drew attention to what he described as tell-tale signs of a coordinated smear campaign, noting the uniformity of tone and language across the various publications.
“To prove to you that it was sponsored, take a critical look at the storyline and language. They are the same language and style in all the reports, meaning that one person wrote it and distributed across gullible online platforms,” Adedeji added.
Understanding the Frontier Exploration Fund
The NRS Chairman further observed that the sponsors of the misleading reports betrayed a fundamental lack of understanding of the nature, purpose, and disbursement framework of the Frontier Exploration Fund.
The Frontier Exploration Fund was established under Section 9 of the Petroleum Industry Act (PIA), 2021, a landmark legislation signed into law by former President Muhammadu Buhari to overhaul Nigeria’s petroleum sector after nearly two decades of legislative debate.
The PIA introduced sweeping reforms in the governance, administration, host communities, and fiscal framework of Nigeria’s oil and gas industry.
Under the Act, the Fund is specifically earmarked to finance petroleum exploration activities in Nigeria’s frontier basins — sedimentary regions where commercially viable hydrocarbon reserves are yet to be fully established but where geological indicators suggest strong exploration potential.
The initiative is part of a broader national strategy to diversify Nigeria’s hydrocarbon base beyond the Niger Delta, which has historically accounted for the bulk of the country’s crude oil production.
The Designated Frontier Basins
The frontier basins covered under the Fund are located in Bida Basin,Benue Trough,Anambra Basin, Chad Basin,Sokoto Basin and Dahomey Basin.
These basins span the northern, central, and south-western regions of Nigeria, and successive administrations have expressed optimism that their exploration could unlock significant new oil and gas reserves for the country.
Approved Uses of the Fund
The Frontier Exploration Fund is designed to underwrite the technical and scientific activities required to determine the commercial viability of hydrocarbons in these basins. Approved expenditure covers Geological mapping, Seismic surveys, Exploratory drilling, Appraisal wells, Basin studies and other allied exploration activities.
The NRS, which recently succeeded the Federal Inland Revenue Service following President Bola Tinubu’s tax reform agenda, has been at the centre of Nigeria’s revenue mobilisation drive. Under Adedeji’s leadership, the agency has repeatedly emphasised transparency and institutional integrity as it works to expand the country’s tax base and boost non-oil revenue.
The NRS Chairman reaffirmed his commitment to accountability and urged members of the public to disregard the reports, stressing that the agency remains focused on its mandate of delivering efficient revenue administration for the benefit of all Nigerians.
Crediblenewsng.com
