The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed allegations that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPCL), revealing that it has approved and released over $185 million and N14.9 billion to the state oil company.
Eniola Akinkuotu, Head of Media and Strategic Communication at NUPRC, disclosed in a statement on Sunday that the commission had approved a total of $185,123,333 alongside N14.9 billion for NNPCL’s frontier exploration activities.
The NUPRC clarified that the Frontier Exploration Fund is not domiciled within the commission but held in an account controlled by the Central Bank of Nigeria (CBN), emphasising that its role is limited to evaluating work programmes submitted by NNPCL before approving fund releases.
“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” the statement explained.
According to the commission, it has contracted PricewaterhouseCoopers (PwC) to evaluate NNPCL’s claims in a bid to promote transparency before granting final approval for fund disbursements.
The statement provided a detailed breakdown of the releases, noting that the NUPRC approved the final release on November 27, 2025, amounting to $140 million, with earlier releases totalling N14.9 billion and $45 million.
“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025 to the tune of $140m. We have documents to back this up. Earlier, N14.9bn and $45m were released,” the commission stated.
NUPRC challenged anyone interested in verifying the information to reach out directly to NNPCL rather than relying on what it described as “faceless individuals seeking to tarnish the image of the Commission.”
The upstream regulator emphasized that the Frontier Fund is solely designated for NNPCL’s use, describing any claims to the contrary by other operators as spurious and absurd.
The commission also referenced a statement by the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, who had previously denied investigating NUPRC over its handling of the fund.
“The honourable minister had issued a rebuttal on the so-called investigation on November 17, 2025. It amounts to mischief for anyone to reference a statement which has been denied by the purported author,” the commission stated.
The Frontier Exploration Fund is a statutory allocation designed to support petroleum exploration activities in Nigeria’s frontier basins—areas with potential hydrocarbon resources but limited exploration history.
NUPRC’s clarification comes amid efforts to enhance transparency and accountability in the management of Nigeria’s petroleum resources, with the involvement of international auditors like PwC demonstrating the commission’s commitment to proper oversight of fund disbursements.
The commission maintains that all approvals have been properly documented and urges stakeholders to seek accurate information through official channels rather than unverified sources.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.
