The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has released $185.12 million and N14.9 billion to the Nigerian National Petroleum Company (NNPC) Limited from the frontier exploration fund.
A report had suggested that the funds were being withheld by the commission.
In a statement on Monday, Eniola Akinkuotu, the commission’s spokesperson, denied that the commission was reserving the fund (FEF) from the 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 (NNPCL),” the statement reads.
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The spokesperson explained that the FEF was domiciled in an account controlled by the Central Bank of Nigeria (CBN) — not in the commission.
Akinkuotu added that the commission’s role was simply to evaluate the work programme submitted by NNPC, after which approval would be granted for the disbursement of funds.
“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” he said.
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The spokesperson said the NUPRC, in a bid to promote transparency, had engaged PricewaterhouseCoopers (PwC) to evaluate NNPC’s claims before the final approval of the fund.
“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025 to the tune of $140,000,000. We have documents to back this up. Earlier, N14.9 billion and $45 million were released,” he said.
NUPRC said anyone seeking information can also reach out to the NNPC rather than rely on faceless individuals seeking to tarnish the image of the commission.
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