The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected claims that it is withholding the Frontier Exploration Fund (FEF) meant for the Nigerian National Petroleum Company (NNPC) Limited, saying all certified payments have already been disbursed.
In a statement on Monday, NUPRC spokesperson Eniola Akinkuotu said the fund is not held by the commission but is domiciled in a Central Bank of Nigeria (CBN) account, adding that NUPRC’s responsibility is limited to evaluating NNPC’s work plans and approving payments tied to verified activities.
“The Frontier Exploration Fund is not in our custody. It is kept in a CBN-controlled account,” Akinkuotu said. “We approve funds based on certified activities and contracts awarded. If a contract has not been awarded, we cannot approve payments.”
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Akinkuotu said the commission engaged PricewaterhouseCoopers (PwC) to conduct an independent assessment of NNPC’s claims before authorising disbursements, a step he said was taken to strengthen transparency.
According to him, NUPRC has released $185.12 million and N14.9 billion to the national oil company so far. The most recent approval, he added, was a $140 million tranche cleared on November 27, 2025.
“There is currently no outstanding sum,” he said. “We have documents to back up every approval made.”
The commission urged the public to seek clarification directly from NNPC and avoid “faceless individuals” propagating misinformation aimed at undermining the regulator.