The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has refuted claims that the Nigerian government plans to investigate the alleged diversion of the Frontier Exploration Fund, describing such reports as inaccurate.
In a statement released by his Special Assistant on Media and Communication, Nneamaka Okafor, the Minister clarified that at no point during his remarks at the 43rd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), held in Lagos on Monday, did he announce or hint at any investigation into the Fund.
According to the statement, Senator Lokpobiri’s comments were intended to stress the need for the optimal and purposeful deployment of the Frontier Exploration Fund, as provided under the Petroleum Industry Act (PIA). The fund is designed to accelerate exploration in Nigeria’s frontier basins, including Chad, Anambra, Sokoto, and Benue.
“The Minister’s comments were aimed at encouraging renewed commitment to the objectives of the Frontier Exploration Fund — not at alleging wrongdoing or announcing any formal probe,” the statement read.
Lokpobiri reiterated that the Frontier Exploration Fund remains a strategic tool for unlocking Nigeria’s untapped hydrocarbon potential and must be efficiently utilised to stimulate investment, enhance exploration, and secure the nation’s energy future.
He further reaffirmed the current administration’s commitment to transparency, accountability, and efficiency in managing all public funds, particularly within the petroleum sector.
The Frontier Exploration Fund, domiciled with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)under the PIA, is specifically aimed at supporting new oil exploration efforts in underexplored regions.
“We have, under the PIA, the Frontier Exploration Fund domiciled with the NUPRC. That fund must now be used for the purpose it was intended under the Act,” he said.
Lokpobiri lamented that since assuming office, little emphasis has been placed on utilising the fund to advance exploration in largely untapped areas and urged stakeholders to commit fully to the objectives of the initiative.
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