BY: Hafiz Rabiu
Claim:
An online report alleged that $279 million was transferred from Nigeria’s Frontier Exploration Fund without the required authorisation and that Nigeria Revenue Service (NRS) Chairman Zacch Adedeji and the agency were aware of the alleged movement.
Verdict:
Unproven
Full Text:
An allegation that $279 million was transferred from Nigeria’s Frontier Exploration Fund without the required approvals has gained attention, with the claim also linking the alleged transaction to the Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji.
The allegation was attributed to a report by The Whistler. On August 9, 2026, the National Association of Nigerian Students (NANS) called for investigations into the alleged transfer, saying the report claimed that the money was moved from the Frontier Exploration Fund without the necessary approvals and statutory requirements under the Petroleum Industry Act (PIA) 2021.
NANS urged 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 transaction and determine its beneficiaries.
Adedeji, however, denied the allegation. In a reaction published on August 10, he described the report as “fake news” and said it was intended to damage his reputation and that of the NRS. He also questioned the similarity in the language used by different outlets reporting the allegation, saying this suggested that the reports originated from a single source.
But does available evidence establish that $279 million was transferred from the Frontier Exploration Fund without authorisation?
What is the Frontier Exploration Fund?
The Frontier Exploration Fund (FEF) is a statutory fund established under Section 9 of the Petroleum Industry Act 2021 to support petroleum exploration activities in Nigeria’s frontier basins.
Under the PIA, the fund is to receive 30 percent of NNPC Limited’s profit from oil and profit gas from production-sharing, profit-sharing and risk-service contracts. The money is to be remitted into an escrow account dedicated to the development of frontier acreages. The Frontier Basins Exploration Administration Regulations, 2023 provide further details on the administration and operation of the fund.
The existence of the fund and its statutory payment mechanism is therefore not in dispute. The question in this claim is whether $279 million was subsequently transferred from the fund without the required authorisation.
There is public documentation showing that substantial sums had previously been released from the Frontier Exploration Fund.
In December 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said more than $185 million and ₦14.9 billion had been released to NNPC Limited from the fund.
According to the NUPRC statement reported by Premium Times, the fund was held in an account controlled by the Central Bank of Nigeria, rather than being domiciled with the commission. The commission said its responsibility was to assess work programmes submitted by NNPC Limited and approve releases based on certified activities and awarded contracts.
The NUPRC also said it had engaged PricewaterhouseCoopers (PwC) to evaluate NNPC Limited’s claims before the final approval of the fund.
The commission said $45 million and ₦14.9 billion had initially been released, followed by a final tranche of $140 million approved on November 27, 2025. It said there was no outstanding sum at the time and that documents existed to support the releases.
These records establish that large amounts of money have legitimately been released through the Frontier Exploration Fund mechanism. They do not, however, establish that the alleged $279 million transfer occurred.
The administration of the Frontier Exploration Fund changed following Executive Order 9 of 2026.
In April 2026, the NUPRC said it had fully complied with Executive Order 9, which directed the immediate suspension of the 30 percent Frontier Exploration Fund deduction from profit oil and gas and the direct remittance of the affected revenues to the Federation Account.
This change is relevant to the allegation because the legal and administrative treatment of the fund in 2026 was not identical to the arrangement under which the earlier releases were made.
It also means that evidence relating to any alleged movement of funds in 2026 would need to be examined against the applicable rules and procedures in force at the time of the alleged transaction.
Verification:
FactCheckAfrica found that the allegation has been repeated by several media outlets and was serious enough to prompt NANS to demand a forensic investigation. However, the publicly available reports reviewed do not provide documentary evidence establishing the alleged transaction.
No publicly accessible bank record, transfer document, audit report, named beneficiary, transaction date or official investigation confirming the specific $279 million movement was found.
NANS’ statement itself attributes the allegation to an investigative report by The Whistler, but does not reproduce documentary evidence of the alleged transaction.
The NANS statement reported by Independent Nigeria attributes the allegation to the report and documents the students’ call for an investigation into the alleged transfer.
The original The Whistler article could not be independently reviewed at the time of this fact-check because its URL now redirects to another article on the publication’s website. Consequently, FactCheckAfrica cannot independently assess any documents or evidence that may have been contained in the original report.
Also, Adedeji rejected the allegation and described it as sponsored fake news.
His response was reported by Freedom Online, which published his explanation of the allegation and his rejection of the reports.
Adedeji denied the allegation, describing the reports as sponsored fake news and disputing the account of how the Frontier Exploration Fund is administered.
However, the response did not provide documentary evidence showing whether the alleged $279 million transfer took place. The available records reviewed by FactCheckAfrica also did not show evidence of the specific transaction or identify its alleged beneficiaries.
Records reviewed by FactCheckAfrica confirm that the Frontier Exploration Fund is established under the Petroleum Industry Act and that substantial amounts have previously been released from the fund to NNPC Limited through an approval process.
Conclusion
The claim that $279 million was transferred from Nigeria’s Frontier Exploration Fund without the required authorisation remains unproven.
FactCheckAfrica found evidence confirming the existence of the Frontier Exploration Fund and records of substantial authorised releases from the fund. It also found that NANS has called for an investigation into the alleged $279 million transfer and that NRS Chairman Zacch Adedeji has denied the allegation.
However, no publicly available transaction record, audit report, named beneficiary or independent institutional finding was found to establish that the specific $279 million transfer occurred.
FactCheckAfrica will update this report if credible primary evidence becomes available.
