The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that over $185 million and N14.9 billion have so far been released to the Nigerian National Petroleum Company Limited (NNPCL) from the Frontier Exploration Fund, countering recent reports alleging that the regulator withheld the money.
The Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, clarified the development in a statement issued on Monday, stressing that all approved funds had been duly disbursed to the national oil company in line with statutory provisions.
Akinkuotu explained that the fund—created under the Petroleum Industry Act (PIA)—is not held by the NUPRC, but is domiciled in a Central Bank-controlled account from which releases are made once the regulator has evaluated and approved NNPCL’s exploration work programmes.
According to him, the disbursed amounts include $45 million and N14.9 billion earlier released, as well as a final tranche of $140 million approved on November 27, 2025 after due verification.
“The Nigerian Upstream Petroleum Regulatory Commission has dismissed reports that it is withholding the Frontier Exploration Fund from the Nigerian National Petroleum Company,” the statement read. “$185,123,333 had been approved along with N14.9bn.”
Akinkuotu noted that for the sake of transparency, the Commission engaged global consulting firm PwC to verify NNPCL’s claims and certify activities before granting approval. He added that no outstanding payment remains.
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“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” he emphasised.
The Frontier Exploration Fund, which allocates 30% of NNPCL’s profit oil and gas for the development of frontier basins, has been the subject of public scrutiny since its introduction, with civil society groups and energy analysts demanding greater accountability.
NUPRC said it was “absurd” for unnamed individuals to make unfounded allegations about withheld funds, urging the public to seek information directly from NNPCL or the Commission.
The regulator also recalled that the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, had earlier debunked claims that the ministry was investigating NUPRC over the handling of the fund.
“It amounts to mischief for anyone to reference a statement which has been denied by its purported author,” the Commission stated.
