The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied suggestions that it withheld the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPC Ltd). The regulator confirmed that the full approved amounts have been released.
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What was released
In a public statement by its Head of Media and Strategic Communication, Eniola Akinkuotu, NUPRC said a total of US$185,123,333 and ₦14.9 billion have been approved and released to NNPC Ltd.
The commission further explained that the FEF is not held by NUPRC itself, but resides in an account managed by the Central Bank of Nigeria (CBN). The NUPRC’s role, it said, is strictly to evaluate work programmes submitted by NNPC Ltd and approve disbursement when conditions are met.
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Recent disbursement timeline
According to the statement, earlier releases included ₦14.9 billion and US$45 million. The final tranche of US$140 million was approved on 27 November 2025. NUPRC said there is currently no outstanding sum due under the FEF scheme.
To ensure transparency, the commission said it had engaged PricewaterhouseCoopers (PwC) to independently review and verify NNPC Ltd’s claims before final approval of the funds.
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Reaction and call for clarity
NUPRC urged members of the public and industry stakeholders to verify any claims directly with NNPC Ltd rather than rely on unverified reports or “faceless individuals” seeking to undermine the regulator’s record.
The commission stressed that the Frontier Exploration Fund is solely for NNPC Ltd’s use, and any suggestion that other operators may claim from it would be improper.
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Significance for oil-exploration funding
The confirmation of the full release under the FEF is meant to address concerns that exploration funding was being delayed or withheld. With funds now reportedly cleared, NNPC Ltd may proceed with planned frontier-basin exploration under the framework designed to expand Nigeria’s oil and gas reserves.
The clarity offered by NUPRC may help restore confidence among stakeholders in the management and disbursement of exploration funds, especially at a time when transparency and accountability in the sector remain under scrutiny.
