NUPRC says it has released $185m, N14bn frontier exploration fund to NNPC

The Nigerian Upstream Petroleum Regulatory Commission(NUPRC) says it has released $185.12 million and N14.9 billion to the NigerianNational Petroleum Company (NNPC) Limited from the frontier exploration fund. A report had suggested that the funds were being withheld bythe commission. In a statement on Monday, Eniola Akinkuotu, the commission’sspokesperson, denied that the commission was reserving the fund (FEF) from theNNPC. “The Nigerian Upstream Petroleum Regulatory Commission(NUPRC) has dismissed reports that it is withholding the Frontier ExplorationFund (FEF) from the Nigerian National Petroleum Company (NNPCL),” the statementreads. The spokesperson explained that the FEF was domiciled in anaccount controlled by the Central Bank of Nigeria (CBN) — not in thecommission. Akinkuotu added that the commission’s role was simply toevaluate the work programme submitted by NNPC, after which approval would begranted for the disbursement of funds. “We approve funds based on certified activities andcontracts awarded. So, if a contract has not been awarded, we cannot approvepayments,” he said.The spokesperson said the NUPRC, in a bid to promotetransparency, had engaged PricewaterhouseCoopers (PwC) to evaluate NNPC’sclaims before the final approval of the fund. “So far, there is no outstanding sum. The NUPRC approved thefinal release on November 27, 2025 to the tune of $140,000,000. We havedocuments to back this up. Earlier, N14.9 billion and $45 million werereleased,” he said. NUPRC said anyone seeking information can also reach out tothe NNPC rather than rely on faceless individuals seeking to tarnish the imageof the commission.

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