NANS urges probe of alleged $279m oil fund transfer

The National Association of Nigerian Students (NANS) has called for the immediate removal of Dr. Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service (NRS), and demanded a thorough investigation into an alleged $279 million transfer from the Frontier Exploration Fund. NANS, through its Forum of Zonal Coordinators, issued a 72-hour ultimatum to the federal government, warning of nationwide protests if their demands are not met.

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At a time when Nigerian tertiary institutions are struggling with dilapidated infrastructure, and millions of brilliant students depend heavily on the survival of funding initiatives like the Student Loan Scheme, the unapproved movement of public wealth into unknown hands is a direct declaration of economic warfare on the future of Nigerian youth.

NANS alleges that the $279 million was transferred from the fund without the statutory approvals mandated by the Petroleum Industry Act of 2021. The students' body expressed grave concern over this alleged unauthorized movement of public funds, especially at a time when Nigerian tertiary institutions face significant financial challenges and rely on funding initiatives like the Student Loan Scheme. They described the action as "a direct declaration of economic warfare on the future of Nigerian youth."

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We believe that allegations of this nature require prompt, transparent and independent investigation to establish the facts and ensure accountability.

Furthermore, NANS raised concerns about previous alleged instances of tension between Adedeji and legislative oversight bodies, citing his purported failure to honor invitations from the National Assembly. The association stressed the need for a prompt, transparent, and independent investigation into the Frontier Exploration Fund transfer to establish facts and ensure accountability. Their demands include Adedeji's immediate dismissal pending investigation, a forensic examination of the transaction, and a legislative inquiry into the fund's account.

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We call upon President Bola Ahmed Tinubu to exercise his executive powers and immediately sack Dr Zacch Adedeji from his position as Executive Chairman of the NRS.