The Nigerian Upstream Petroleum Regulatory Commission has confirmed that more than $185m and N14.9bn have been released to the Nigerian National Petroleum Company Limited from the Frontier Exploration Fund, dispelling claims that the regulator withheld the statutory allocation.
In a statement on Monday, the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, said the clarification became necessary following reports alleging delays or non-remittance of the fund to NNPC Ltd.
Akinkuotu explained that the fund—mandated under the Petroleum Industry Act, which allocates 30 per cent of NNPC Ltd’s profit oil and gas to frontier basin exploration—had been duly disbursed to support oil and gas discovery efforts in underexplored regions.
According to him, the fund is domiciled with the Central Bank of Nigeria, not the regulator, while the NUPRC merely evaluates NNPC Ltd’s work programme before approvals are granted.
“The NUPRC has not withheld any Frontier Exploration Fund. A total of $185,123,333 and N14.9bn have so far been approved. We only approve based on certified activities and awarded contracts,” the statement noted.
He added that the commission engaged PwC to verify NNPC Ltd’s claims in line with transparency requirements. He disclosed that a final tranche of $140m was approved on November 27, 2025, in addition to earlier releases amounting to N14.9bn and $45m.
Akinkuotu described allegations of withheld funds as “mischievous,” insisting that interested parties should seek clarification directly from NNPC Ltd rather than rely on anonymous sources.
The commission also referenced earlier remarks by the Minister of State for Petroleum Resources, Heineken Lokpobiri, who dismissed reports of any investigation into the regulator’s handling of the fund.
“The minister issued a rebuttal on November 17, 2025. It is dishonest to continue citing a statement that has already been denied,” NUPRC said.
The regulator maintained that the Frontier Exploration Fund is exclusively for NNPC Ltd’s use and restated its commitment to transparency in managing Nigeria’s upstream petroleum sector.
