Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service, NRS, has dismissed reports alleging a $279 million fraud involving the Frontier Exploration Fund, describing them as “pure fake news.”
Online reports had claimed that $279 million was transferred from the Fund’s account to unknown recipients, and that Adedeji and the NRS were aware of the transactions. The reports also alleged that stakeholders were demanding a forensic audit.
Speaking by telephone, Adedeji denied the claims and accused unnamed persons of sponsoring the reports to damage his reputation and that 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,” he said.
He described the reports as unethical and unprofessional, noting that identical language across different platforms showed they originated from one source.
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 said.
He argued that those behind the reports had misunderstood the purpose and administration of the Frontier Exploration Fund.
Adedeji explained that the Frontier Exploration Fund was established under Section 9 of the Petroleum Industry Act, 2021, to finance petroleum exploration activities in frontier basins where commercially viable hydrocarbon reserves had not yet been fully established.
He listed the frontier basins covered by the Fund as the Bida, Benue Trough, Anambra, Chad, Sokoto and Dahomey basins.
According to him, the Fund is intended to finance exploration-related activities, including geological mapping, seismic surveys, exploratory drilling, appraisal wells, basin studies and other activities associated with petroleum exploration.
Adedeji maintained that the allegations linking the NRS to an alleged diversion of the Fund were unfounded, insisting that the reports were part of an attempt to undermine his reputation and the credibility of the revenue service.
