KEY POINTS
- Minister Heineken Lokpobiri denies reports of a probe into Nigeria’s Frontier Exploration Fund.
- Says his earlier remarks were misinterpreted and focused only on efficient use of exploration funds.
- Government aims to boost activity in frontier basins and uphold transparency in the oil sector.
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has pushed back against reports suggesting that the government is preparing to investigate alleged misuse of the Frontier Exploration Fund.
AAN TV reports that he said the speculation stemmed from a misunderstanding of comments he made earlier in the week at the annual conference of the Nigerian Association of Petroleum Explorationists in Lagos.
Lokpobiri explained that at no point during his remarks did he announce, imply or even suggest that an inquiry was under way. According to him, the conversation at the event focused on how best to deploy the fund to drive exploration in parts of the country that remain largely untested, not on any wrongdoing.
The minister said the reports had created unnecessary tension within the industry, especially at a time when government is trying to reassure investors that the sector is stable and open for business. He argued that the Petroleum Industry Act already provides clear guidance on how the Frontier Exploration Fund should be administered, and that his comments were simply a reminder that the money must be put to work efficiently.
Government Seeks Better Use of Frontier Funds
Lokpobiri stressed that, since assuming office, he has found that very little momentum has been built around exploring new basins such as Chad, Sokoto, Anambra and Benue. He said the fund was created precisely to close this gap and unlock reserves that could help Nigeria rebuild its production capacity.
He noted that the administration remains committed to transparency and proper accounting, particularly in the oil and gas space, where public trust has been fragile for years. Ensuring that funds earmarked for frontier exploration are used for their intended purpose, he said, is a key part of that effort.
The minister added that while the fund has strong legal backing, its impact has been muted by slow project execution and limited attention from previous managers. He called for renewed urgency, saying that Nigeria cannot afford to let potentially viable basins remain dormant at a time when production levels continue to fluctuate.
Lokpobiri maintained that the government’s priority is to accelerate exploration, maintain investor confidence and keep the sector’s funding mechanisms free from avoidable controversy.
