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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has clarified that it is not withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPCL), confirming that over $185 million and N14.9 billion have already been disbursed.
The Head of Media and Strategic Communication at NUPRC, Eniola Akinkuotu, explained that the fund is held in an account controlled by the Central Bank of Nigeria, not within the Commission. NUPRC’s role, he said, is to review NNPCL’s Work Programme and approve fund releases based on verified activities and awarded contracts.
“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” Akinkuotu stated.
To ensure transparency, the Commission contracted PwC to independently evaluate NNPCL’s claims before authorising final disbursements. “So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025, amounting to $140 million. Earlier releases included N14.9 billion and $45 million, all fully documented,” he added.
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The Commission urged stakeholders to seek confirmation directly from NNPCL rather than rely on “faceless individuals seeking to tarnish the image of the Commission.” It emphasised that the Frontier Fund is exclusively for NNPCL and that any claims to the contrary are unfounded.
NUPRC also cited a statement from the Honourable Minister of State for Petroleum, Senator Heineken Lokpobiri, who denied any investigation into the Commission’s handling of the fund. “The honourable minister issued a rebuttal on November 17, 2025. It is misleading for anyone to reference a statement that has been officially denied,” the Commission said.
