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NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News

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NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News
Executive Chairman of the Nigeria Revenue Service (NRS) , Zacch Adedeji

NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News

Zacch Adedeji calls reports “cheap journalism” lacking ethics, clarifies legal framework of the Frontier Exploration Fund under PIA 2021

The Executive Chairman of the Nigeria Revenue Service (NRS) , Zacch Adedeji, has firmly dismissed online reports alleging that $279 million was illegally transferred from the Frontier Exploration Fund to unnamed accounts, describing the claims as sponsored fake news orchestrated by individuals bent on tarnishing his reputation and that of the service. In a telephone interview, Adedeji categorically denied any wrongdoing, stating that the report was not only false but also exhibited hallmarks of a coordinated smear campaign. He declared, “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.” Adedeji pointed to stylistic consistencies across multiple online platforms as evidence of a single author behind the allegations, suggesting the story was deliberately planted to mislead the public. “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 it across gullible online platforms,” he added.

To contextualize the controversy, Adedeji explained that the alleged fraud narrative stems from a fundamental misunderstanding of what the Frontier Exploration Fund entails and how it is disbursed. The Frontier Exploration Fund was legally established under Section 9 of the Petroleum Industry Act (PIA) 2021, a landmark legislation that reformed Nigeria’s oil and gas sector. The Fund is specifically designed to finance petroleum exploration activities in frontier basins—areas where commercially viable hydrocarbon reserves are yet to be fully established. These frontier basins include the Bida Basin, Benue Trough, Anambra Basin, Chad Basin, Sokoto Basin, and Dahomey Basin. The Fund is meant to cover critical exploration expenses such as geological mapping, seismic surveys, exploratory drilling, appraisal wells, basin studies, and other exploration activities, all of which are essential for expanding Nigeria’s proven hydrocarbon reserves and securing the country’s energy future.

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Under the PIA 2021, the Frontier Exploration Fund is financed through a statutory allocation of 30% of NNPC Limited’s profit oil and profit gas derived from production sharing contracts (PSCs). These funds are channeled into a dedicated escrow account and must be strictly applied to frontier exploration and development, subject to appropriation by the National Assembly. This legal structure ensures transparency and accountability, with multiple oversight layers built into the disbursement process. However, the Fund has been at the center of several policy debates in recent months, adding complexity to the current allegations.

One major development was the signing of Executive Order No. 9 in February 2026 by President Bola Tinubu, which suspended the statutory 30% allocation from NNPC’s profit oil and gas to the Frontier Exploration Fund, rerouting the funds directly to the Federation Account. This move drew sharp criticism from energy analysts, including Professor Emeritus Wunmi Iledare, who warned that the order prioritizes “immediate distributable revenue over long-term reserves sustainability.” The order also suspended NNPC’s 30% management fee, a decision critics argue undermines the company’s commercial autonomy as established under the PIA 2021. These policy shifts have fueled public scrutiny and created an environment where misinformation about the Fund can easily gain traction.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) , which administers the Frontier Exploration Fund, previously denied withholding the funds, confirming that over $185 million and N14.9 billion** had already been released to **NNPC Limited** as of late 2025. These releases included a **$140 million tranche approved on November 27, 2025. However, concerns about disbursement delays have persisted. The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, publicly directed NUPRC and NNPCL to deploy the accrued funds to support seismic and appraisal work in frontier basins, lamenting that the Fund had not been meaningfully utilized since his assumption of office. Industry analysts have warned that bureaucratic inertia in releasing the funds is stalling essential exploration activities and weakening investor confidence, making the Fund a recurring flashpoint in Nigeria’s energy sector discourse.

Adding another layer to the controversy, the National Association of Nigerian Students (NANS) has called on anti-graft agencies—the Economic and Financial Crimes Commission (EFCC) , the Independent Corrupt Practices and Other Related Offences Commission (ICPC) , and the National Assembly—to investigate the alleged $279 million transfer. Jamilu Hussaini Ebbo, NANS’ Forum Chairman, linked the controversy to the hardships faced by Nigerian students, stating that “the unapproved movement of public funds is a direct attack on the future of Nigerian youth.” NANS has urged a forensic audit of the Frontier Exploration Fund account to ensure transparency and accountability, a move that has gained traction among civil society groups concerned about the prudent management of public resources.

In his final rebuttal, Adedeji dismissed the allegations as baseless, reiterating that the Nigeria Revenue Service has no role in the administration or disbursement of the Frontier Exploration Fund, as the Fund falls under the purview of NUPRC and NNPC Limited. He called on media practitioners to uphold ethical standards and verify facts before publishing, warning that sponsored fake news undermines public trust and destabilizes governance. His firm stance underscores the growing challenge of misinformation in Nigeria’s digital media landscape and the need for greater journalistic responsibility.

As the story continues to develop, key takeaways remain clear: no evidence supports the alleged $279 million illegal transfer from the **Frontier Exploration Fund**; the Fund is legally established under **Section 9 of the PIA 2021** and is strictly regulated; **NRS Chairman Zacch Adedeji** has no oversight over the Fund, making the allegations against him factually incorrect; **NUPRC** has confirmed that over **$185 million** has already been disbursed to NNPC Limited for frontier exploration; Executive Order No. 9 has temporarily suspended allocations to the Fund, redirecting revenue to the Federation Account; and NANS continues to push for a forensic audit to ensure public funds are properly accounted for. Updates will be provided as more information becomes available.

 

NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News

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Jetour Nigeria displays hi-tech, luxury, art at Abuja Experience

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Jetour Nigeria displays hi-tech, luxury, art at Abuja Experience

Jetour Nigeria displays hi-tech, luxury, art at Abuja Experience

Jetour Nigeria has turned its Abuja Experience into a colourful fusion of hi-tech automobiles, luxury and art, attracting automobile enthusiasts, prospective buyers and art lovers to an exhibition designed to showcase a new dimension of motoring and lifestyle.

The three-day event, which opened on Tuesday at the Maha Event Centre, Area 8, Garki, Abuja, has brought together an impressive collection of Jetour SUVs and new-generation vehicles, alongside art displays that added colour and creativity to the automobile showcase.

Rather than a conventional vehicle exhibition, the Abuja Experience offered visitors an opportunity to interact with Jetour’s technology-driven vehicles, examine their luxury features and immerse themselves in an artistic presentation that appealed to both young and older enthusiasts.

Among the vehicles on display are the Jetour X50, X70 Plus, X70 PHEV, X90 Plus, T2, T2 PHEV, Dashing, Rely R8, G700, as well as the newly introduced T1 and F700.

The event, which ends today, Thursday, September 24, is the latest stage in Jetour Nigeria’s strategy of taking its products closer to customers while strengthening its presence in Abuja, the Federal Capital Territory and neighbouring states.

On the first day, discussions centred on Jetour’s product philosophy, technology, safety and the changing preferences of Nigerian motorists.

Speaking during the first panel session, Managing Director of New Era AutoVehicle Services, Kemi Koyejo, said Jetour’s growing product portfolio was designed to cater for the diverse needs of Nigerian motorists.

Koyejo described Jetour vehicles as a combination of luxury, safety and technology, stressing that there was “no one-size-fits-all product” because motorists have different needs and lifestyles.

She explained the philosophy behind the Jetour name—“Jet plus Tour”—saying the brand was intentional about making mobility more enjoyable.

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According to her, Jetour was “forward-looking”, with a product strategy covering petrol-powered vehicles, hybrids and plug-in hybrid technologies under its corporate tagline, “Drive Your Future.”

Executive Director, Elizade Nigeria Limited, Dr Ademola Philip-Adewunmi, identified after-sales support and spare-parts availability as critical to sustaining Jetour’s growth in Nigeria.

He disclosed that Jetour had sold about 1,000 units in Nigeria within three years, adding that motorists were increasingly researching and comparing vehicles before making purchasing decisions.

He said buyers now demanded a combination of aesthetics, technology, connectivity, performance and value for money.

Adewunmi also disclosed that Jetour vehicles come with a five-year or 150,000-kilometre warranty, while customers have access to trade-in opportunities.

On safety, Corps Commander Cherries Muta of the Federal Road Safety Corps said technologies deployed in Jetour vehicles, including sensors and driver-warning systems, could contribute to safer driving.

Art meets automobile

The second day introduced another dimension to the experience, as artworks were displayed alongside Jetour’s vehicles, creating a meeting point between automotive design, technology, luxury and contemporary art.

The art exhibition attracted an audience comprising young and older lovers of quality automobiles and art, with the producers explaining the concepts and intentions behind the works.

The presentation added a creative and cultural dimension to the automobile showcase, with visitors moving between the vehicles and artworks while engaging with the artists and exploring the ideas behind their creations.

The event also featured cultural performances and a second panel session focusing on mobility entrepreneurship and emerging opportunities across Nigeria.

Jetour Vice President, Yuan Anguo, thanked Nigerian customers for their confidence in the brand, assuring them that the company remained committed to developing its business in Nigeria and across Africa.

The Abuja Experience, according to the organisers, is part of Jetour Nigeria’s broader effort to deepen customer engagement, expand its market presence and present mobility not simply as transportation, but as an experience combining technology, comfort, lifestyle and creativity.

 

Jetour Nigeria displays hi-tech, luxury, art at Abuja Experience

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NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

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NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

The Nigeria Labour Congress (NLC) has backed demands by public-sector workers for the Federal Government to reduce the price of petrol to ₦500 per litre, while the workers have proposed a minimum monthly salary of ₦500,000 for Grade Level 01, Step 1 officers under a new public-service salary structure.

The demands were contained in a letter by the Trade Union Side of the Joint National Public Service Negotiating Council (JNPSNC) to President Bola Ahmed Tinubu, amid renewed concerns over rising fuel prices and the worsening cost-of-living crisis.

The workers gave the Federal Government until September 30, 2026, to respond to their demands, which cover petrol prices, wage awards, salary reviews and negotiations for a new wage structure.

The JNPSNC called for an intervention capable of bringing the petrol pump price down to ₦500 per litre, arguing that the rising cost of fuel has significantly increased transportation expenses and contributed to higher prices of food and other essential goods and services.

The demand comes amid another increase in petrol prices in Nigeria, with pump prices rising in several parts of the country following higher crude oil prices in the international market.

The labour movement has argued that the impact of rising fuel costs extends beyond motorists, as increased transportation and energy expenses raise the cost of moving agricultural produce, manufacturing goods and other commodities.

The NLC has therefore called for measures to cushion workers and households from the effects of the latest price increases.

On wages, the JNPSNC proposed a new salary structure under which a Grade Level 01, Step 1 public servant would earn ₦500,000 monthly.

The figure is important because it is a proposal by the workers, not an approved national minimum wage.

The proposed ₦500,000 salary is also specifically linked to the public-service salary structure being sought by the JNPSNC ahead of January 2027. It should not be presented as though the Federal Government has agreed to increase Nigeria’s statutory national minimum wage to ₦500,000.

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Nigeria’s current statutory national minimum wage remains ₦70,000 per month, following the 2024 wage agreement and legislation.

The workers are seeking negotiations for a new wage structure while also asking for an immediate Wage Award for employees at the Federal, State and Local Government levels as a short-term response to current economic pressures.

The proposed wage award is separate from the longer-term salary review and any future agreement on the national minimum wage.

The JNPSNC wants the National Salaries, Incomes and Wages Commission (NSIWC) to begin discussions with labour representatives and other stakeholders on the proposed wage award and salary adjustments.

The workers said rising inflation, transportation costs, food prices, housing expenses, healthcare costs and education fees had reduced the purchasing power of existing salaries.

They also called for salaries and allowances across the public service to be reviewed upward and for future salary adjustments to take inflation into account.

According to the workers, linking periodic salary reviews to inflation would help prevent employees’ earnings from losing substantial purchasing power between major wage negotiations.

The labour side also demanded subsidised transportation and affordable housing for public servants as part of measures to ease the pressure on workers.

On the petroleum sector, the workers backed calls for greater availability of crude oil in naira to local refineries, arguing that increased domestic refining and local crude supply could reduce exposure to international oil-market shocks.

The NLC has previously advocated measures to strengthen local refining and improve domestic energy security as part of efforts to reduce pressure on consumers.

The workers also rejected the idea of relying mainly on food palliatives to address the hardship, arguing that temporary relief does not adequately compensate for the loss of purchasing power caused by higher transportation and living costs.

They instead called for measures that would address the underlying drivers of the rising cost of living.

The latest demands come as the downstream petroleum market faces renewed price pressure despite increased domestic refining capacity.

Higher international crude prices have raised input costs for refiners, contributing to increases in the wholesale and retail prices of petrol.

The development has renewed debate over how much protection Nigeria’s expanding domestic refining capacity can provide against global oil-price movements.

For organised labour, however, the immediate concern is the effect of higher fuel prices on workers and households.

The JNPSNC expects the Federal Government to respond to its demands by September 30, while also looking ahead to negotiations for a new salary and wage framework from January 2027.

The council has indicated that it expects the President’s forthcoming Independence Day address to address some of the concerns raised by workers.

The proposed ₦500,000 salary therefore remains a labour demand awaiting negotiation and possible government consideration. It is not the current national minimum wage and does not mean that all Nigerian workers are automatically entitled to ₦500,000 monthly.

Similarly, the proposed ₦500 petrol price is a demand for government intervention and does not represent the current regulated or prevailing pump price across Nigeria.

The labour demands reflect growing pressure from organised workers for government action as households and businesses contend with higher fuel prices, transportation costs and living expenses.

NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

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MURIC Warns FG: Any Move Against Atiku Now Lacks Tact

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MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
MURIC’s Executive Director, Professor Ishaq Akintola

MURIC Warns FG: Any Move Against Atiku Now Lacks Tact

The Muslim Rights Concern (MURIC) has warned the Federal Government against any move to arrest, interrogate or otherwise take action against former Vice-President Atiku Abubakar over a fresh petition before the Economic and Financial Crimes Commission, saying such a step at this time could send the wrong signal to Nigerians.

The warning came as the controversy over a renewed call for the EFCC to investigate allegations dating back to Atiku’s tenure as Vice-President intensified, with opposition figures and the petitioner trading sharply different arguments over the matter.

In a statement issued on Tuesday, September 22, 2026, MURIC Founder and Executive Director, Professor Ishaq Akintola, said the government should exercise caution, particularly with the 2027 general elections approaching.

According to MURIC, the renewed allegations have assumed greater sensitivity because Atiku is now the presidential candidate of the African Democratic Congress and a leading opposition figure.

“We warn that such an attempt at this point in time will send the wrong signal to Nigerians,” the group said, adding that with the 2027 elections “at the doorsteps,” the Federal Government should carefully consider the consequences of any action against the former Vice-President.

MURIC described any such move as lacking tact and “short” of emotional intelligence, while urging the government to avoid conduct that could create the impression that state institutions were being used against political opponents.

The organisation also warned against what it described as a damaging “body language” capable of portraying Nigeria as a “banana republic.”

MURIC said that although the country had already lost some ethical ground, its democratic values and norms remained important safeguards that should not be compromised.

“Our corporate image in the global community is sinking fast,” the group added.

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The statement followed renewed controversy over a petition by former House of Representatives member, Ehiozuwa Agbonayinma, asking the EFCC to revisit allegations concerning Atiku’s activities while he was Vice-President.

Reports indicate that the petition relates to allegations investigated by the EFCC between 2005 and 2006. Agbonayinma reportedly gave the anti-graft agency a 14-day ultimatum to act and threatened legal action if the commission failed to respond.

Former Senator Dino Melaye has strongly opposed the renewed petition, describing it as an attempt to “resurrect the dead.” Melaye argued that the matter had previously been dealt with and questioned the basis for bringing it back almost two decades later.

The dispute, however, has escalated beyond the original petition, with Agbonayinma hitting back at Melaye and challenging him to produce documentary evidence for his claim that the allegations had been investigated and dismissed.

In a statement reported on September 20, Agbonayinma insisted that he was asking the EFCC to perform its statutory responsibility and argued that the substance of the allegations should be addressed rather than his personality or political affiliation.

“You cannot defend Atiku Abubakar from an EFCC petition by attacking me,” Agbonayinma was quoted as saying, while urging the anti-graft agency to determine whether the allegations warranted further investigation.

The renewed controversy has also brought attention to the distinction between a petition seeking investigation and a finding of criminal guilt. The existence of a petition does not, by itself, establish that the person named in it committed an offence.

There is also a historical legal dimension to the allegations. Reports on the previous proceedings state that a Lagos State High Court set aside an EFCC administrative indictment against Atiku in December 2006, while no criminal conviction against him resulted from the allegations.

Atiku has continued to deny wrongdoing and has challenged anyone with credible evidence against him to present it through the appropriate legal channels.

Meanwhile, there was no confirmed announcement from the EFCC, as of the latest reports reviewed, that it had arrested Atiku or formally invited him over the fresh petition. A separate and more recent EFCC investigation reported on September 20 concerns individuals connected to allegations surrounding the Mambilla Power Project, which is distinct from the 2005–2006 allegations at the centre of the present political dispute.

The MURIC intervention has therefore added a fresh dimension to an increasingly heated political controversy, with the organisation urging the Federal Government to exercise restraint and protect public confidence in Nigeria’s democratic institutions.

With the 2027 elections approaching, the dispute over the renewed EFCC petition is expected to remain a significant political issue, particularly if the anti-graft agency decides to take further steps.

For MURIC, however, the timing of any action is crucial. The organisation wants the Federal Government to ensure that whatever steps are taken by law-enforcement agencies are grounded in due process and do not create the perception of political persecution.

The group’s central warning is that Nigeria must guard its democratic reputation and avoid actions that could further erode public confidence in its institutions at a particularly sensitive period in the nation’s political calendar.

MURIC Warns FG: Any Move Against Atiku Now Lacks Tact

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