The Vanguard newspaper published a fake article on Tuesday in which it allegedly claimed that it had lost $25m to a Nigerian businessman.
The article appeared to come from the website of the Nigeria’s state-run paper, the Nairoboros Daily News.
According to an internal Vanguard investigation, the article was part of a “payback scheme” between Vanguard and the man behind the fake news.
The fake article is part of an ongoing investigation by Vanguard, according to a statement from the newspaper.
Vanguard’s investigation into the article’s alleged breach was launched after the publication was alerted to an alleged fraud in October.
The alleged fraud involved Vanguard using its own information to create fake invoices to defraud its customers.
“In the investigation we have identified a number of suspicious activity and we have taken action to prevent this from happening again,” the Vanguard statement said.
Vanguard says it is working to ensure its reporting practices remain consistent with the standards set by its board of directors.
“Vanguard is committed to our reputation as a trusted media company and we take these concerns seriously,” the statement said, adding that Vanguard will be providing additional details about the alleged fraud and its investigations in the coming days.
Vanguard said it was not aware of any fraudulent activity by the alleged thief.
The newspaper is owned by a private investment firm, and the alleged scamster, the Vanguard newspaper, has not commented on the matter.
The Vanguard investigation is part the company’s ongoing investigation into possible breaches of its reporting policies and practices.
Vanguard declined to comment on whether any of its employees have been disciplined.
The paper was founded in 2012 by two men, who both have ties to the Nigerian oil industry.
The two men who co-founded Vanguard have said they are investigating the alleged theft and are working with authorities.
In January, the company reported that it has lost $10.8m in the first quarter of 2017, and has lost money in the past year.
In December, the two men announced they were closing the Vanguard newsroom and its online newspaper, Vanguard Nigeria, saying the company is no longer profitable and needed to close its operations.