The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has dismissed reports alleging that $279 million from the Frontier Exploration Fund was transferred to undisclosed accounts, describing the claims as false and sponsored.

The reports had alleged that Adedeji and the NRS were aware of the purported transfer and suggested that the development had prompted calls for a forensic audit of the Fund.

However, reacting to the reports, Adedeji said the allegations were untrue and intended 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.

Adedeji also criticised the reports as lacking professionalism and ethical standards, alleging that similar language and narratives across several online platforms indicated that the reports originated from a common source.

He further argued that the reports reflected a misunderstanding of the purpose and administration of the Frontier Exploration Fund.

The NRS chairman explained that the 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 have not been fully established.

The identified frontier basins include Bida, Benue Trough, Anambra, Chad, Sokoto and Dahomey.

According to Adedeji, the Fund supports activities such as geological mapping, seismic surveys, exploratory drilling, appraisal wells, basin studies and other related petroleum exploration operations.