The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has denied reports suggesting the Nigerian government plans to investigate the alleged diversion of the Frontier Exploration Fund.
In a statement, Lokpobiri clarified that his remarks at the 43rd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) were misinterpreted, and he did not announce or hint at any investigation into the Fund.
Lokpobiri emphasized the need for optimal deployment of the Frontier Exploration Fund, as provided for under the Petroleum Industry Act (PIA), to accelerate exploration in Nigeria’s frontier basins, including Chad, Anambra, Sokoto, and Benue.
He reaffirmed the current administration’s commitment to transparency, accountability, and efficiency in managing public funds, especially within the petroleum sector.
The Frontier Exploration Fund was established to support new oil exploration efforts in Nigeria’s frontier basins, and Lokpobiri stressed that it must be used for its intended purpose.
He also noted that little emphasis has been placed on using the fund to advance exploration in largely untapped areas since he assumed office.
