The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially refuted claims that it has been withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPC Ltd.), stressing that funds totaling $185.123 million and N14.9 billion have already been released.
In a statement on Monday, Eniola Akinkuotu, NUPRC’s Head of Media and Strategic Communication, explained that the FEF is not held within the commission but is domiciled in an account controlled by the Central Bank of Nigeria (CBN).
According to Akinkuotu, NUPRC’s role is limited to evaluating the work programmes submitted by NNPC Ltd. before granting approval for fund disbursement.
He clarified, “We approve funds based on certified activities and contracts awarded. If a contract has not been executed, we cannot approve payments.”
He also highlighted that PwC was engaged to independently evaluate NNPC Ltd.’s claims as part of a transparency drive prior to releasing the funds.
Akinkuotu confirmed that the final tranche of $140 million was approved on Nov. 27, 2025, following earlier releases of N14.9 billion and $45 million.
He stressed that there is currently no outstanding sum pending release.
The NUPRC official urged the public to seek information directly from NNPC Ltd., cautioning against relying on unverified sources.
He emphasised that the Frontier Fund is designated exclusively for NNPC Ltd., adding that any claims from other operators are unfounded.
Furthermore, Akinkuotu referenced a prior statement from Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), which dismissed allegations of an investigation into NUPRC’s handling of the fund.
He called such reports “mischievous” and unsupported by official records.
The clarification comes amid ongoing scrutiny of Nigeria’s petroleum regulatory framework and the management of exploration funds, underscoring NUPRC’s commitment to transparency and proper governance in the sector.
