The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied reports that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company (NNPC Ltd.).
The Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, clarified in a statement on Wednesday that $185.123 million and N14.9 billion had already been approved for release.
Akinkuotu explained that the FEF is not domiciled with the NUPRC, but in an account managed by the Central Bank of Nigeria (CBN). He said the commission’s role is limited to evaluating the work programme submitted by NNPC Ltd., after which approval is granted for the release of funds.
“We approve funds based on certified activities and contracts awarded. If a contract has not been awarded, we cannot approve payments. To promote transparency, the NUPRC engaged PwC to review NNPC Ltd.’s claims before final approval of the fund,” he said.
He added that there is currently no outstanding balance, noting that the commission approved a final release of $140 million on Nov. 27, 2025. “Earlier, N14.9 billion and $45 million were released. We have documents to back this up,” he stated.
Akinkuotu advised members of the public to also seek clarification from NNPC Ltd. rather than rely on faceless individuals attempting to malign the commission. He stressed that the Frontier Fund is strictly for NNPC’s use, adding that it would be illogical for any operator to make unfounded allegations.
He further noted that the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, had previously debunked claims that NUPRC was under investigation over the fund’s management.
“The Honourable Minister issued a rebuttal on the so-called investigation on November 17. It is mischievous for anyone to continue referencing a statement that has already been denied by its purported author,” he said.
