The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has denied allegations linking him and the agency to an alleged $279 million transfer from Nigeria’s Frontier Exploration Fund, describing the report as false and sponsored.
Adedeji insisted that neither he nor the NRS was involved in any illegal movement of funds from the account, while questioning the motive behind the publication.
The controversy followed a report alleging that $279 million had been transferred from the Frontier Exploration Fund to unidentified accounts, with claims that Adedeji and the NRS were aware of the transaction.
The report further suggested that the development had prompted calls from some stakeholders for a forensic examination of the fund’s accounts.
Adedeji Dismisses $279m Allegation
Reacting to the claims, the NRS chairman strongly rejected the allegations and accused those behind the report of attempting to discredit officials of the President Bola Tinubu administration.
“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.
Adedeji also criticised the quality of the reports, arguing that they failed to meet acceptable journalistic standards.
“I consider it to be a brand of cheap journalism lacking in ethics and professionalism but heavy with malicious intentions,” he said.
NRS Chief Alleges Coordinated Media Campaign
The NRS chairman further claimed that the reports published across different online platforms appeared to be part of a coordinated campaign.
According to him, similarities in the wording and presentation of the reports suggested that they originated from the same 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,” he said.
Adedeji maintained that the allegations were not supported by the actual purpose and structure of the Frontier Exploration Fund.
What Is The Frontier Exploration Fund?
According to Adedeji, the Frontier Exploration Fund was established under Section 9 of the Petroleum Industry Act, 2021, to support petroleum exploration in Nigeria’s frontier basins where commercially viable hydrocarbon reserves have not yet been fully established.
He explained that the fund is designed to finance exploration and related activities aimed at identifying and developing petroleum resources in relatively underexplored parts of the country.
The identified frontier basins include the Bida, Benue Trough, Anambra, Chad, Sokoto and Dahomey basins.
Adedeji said eligible expenditure from the fund could include geological mapping, seismic surveys, exploratory drilling, appraisal wells and basin studies, among other petroleum exploration activities.
Allegations Come Amid Scrutiny of Public Funds
The denial comes at a time of increased public scrutiny of Nigeria’s finances and the management of funds linked to the country’s oil and gas sector.
However, the available information does not independently establish that the alleged $279 million transfer actually occurred, nor does it confirm that a forensic audit of the Frontier Exploration Fund has been ordered.
For now, Adedeji’s position remains that the allegations are baseless and represent an attempt to damage his reputation, the NRS and the administration of President Bola Tinubu.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
