The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed claims that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPCL).
Head of Media and Strategic Communication, Eniola Akinkuotu, said a total of $185.1 million and N14.9 billion had already been approved. She clarified that the FEF is not held by the Commission but resides in an account controlled by the Central Bank of Nigeria.
According to NUPRC, its responsibility is to evaluate the Work Programme submitted by NNPCL before approving any fund release. “We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” the statement read.
The Commission added that, to ensure transparency, it had engaged PwC to assess NNPCL’s claims before granting final approval for the disbursement of the fund.
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“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025, to the tune of $140,000,000. We have documents to back this up. Earlier, N14.9 billion and $45 million were released.
“Anyone interested can also reach out to the NNPCL rather than rely on faceless individuals seeking to tarnish the image of the Commission,” the statement read.
The Commission noted that the Frontier Fund was solely for the use of the NNPC, and it would be absurd for any operator to make spurious claims.
The upstream regulator added that the Minister of State for Petroleum, Senator Heineken Lokpobiri, had earlier issued a statement denying investigating the NUPRC over the 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 said.
