Mkpoikana Udoma
Port Harcourt — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has dismissed claims that it is withholding the Frontier Exploration Fund, FEF, from the Nigerian National Petroleum Company Limited, NNPCL, insisting that all approved funds have been fully released.
In a detailed statement, the Head of Media and Strategic Communication, Eniola Akinkuotu, claimed that the Commission had approved and facilitated the disbursement of $185,123,333 alongside N14.9 billion to NNPCL.
“The Frontier Exploration Fund is not domiciled with the Commission. It sits in an account managed by the Central Bank of Nigeria,” the statement noted, stressing that NUPRC’s role is strictly evaluative.
“We approve funds based on certified activities and contracts awarded. If a contract has not been awarded, we cannot approve payments,” Akinkuotu stated.
To further strengthen transparency, NUPRC confirmed that it engaged global audit firm PwC to independently verify NNPCL’s claims before approvals were granted.
According to the statement, the Commission recently issued the final approval on November 27, 2025, amounting to $140 million, after earlier releases of N14.9 billion and $45 million.
“So far, there is no outstanding sum. We have documents to back this up,” the Commission emphasized, warning the public not to rely on false narratives circulated by unnamed individuals.
“Anyone interested can also reach out to the NNPCL rather than rely on faceless individuals seeking to tarnish the image of the Commission,” Akinkuotu added.
The clarification comes amid rising speculation around the Frontier Fund, an essential financing mechanism for oil and gas exploration in Nigeria’s frontier basins, including the Gongola, Sokoto, Bida, and Chad basins.
