NUPRC denies withholding exploration fund, says $185m, N14.9bn released to NNPC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed 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, who dismissed the reports in a statement on Wednesday said that 185.123 million dollars had been approved along with N14.9 billion.

Akinkuotu said that the FEF was not domiciled in the commission but in an account controlled by the Central Bank of Nigeria (CBN).

He said that its role was simply to evaluate the work programme submitted by NNPC Ltd. after which an approval would be given for the release of the fund.

“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we can not approve payments.

“The NUPRC, in a bid to promote transparency, had contracted PwC to evaluate NNPC Ltd.’s claims before the final approval of the fund.

“So far, there is no outstanding sum. The NUPRC approved the final release on Nov. 27, 2025 to the tune of 140 million dollars.
We have documents to back this up.

Earlier, N14.9 billion and 45 million dollars were released,” he said.

He urged anyone interested to also reach out to the NNPC Ltd. rather than rely on faceless individuals seeking to tarnish the image of the commission.

Akinkuotu said that the Frontier Fund was solely for the use of the NNPC, adding that it would be absurd for any operator to make spurious claims.

He said that the Minister of State for Petroleum Resources (Oil), Sen. 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 Nov. 17. It amounts to mischief for anyone to reference a statement which has been denied by the purported author,” he said.