NNPC Ltd received $185m, N14.9bn from frontier exploration fund – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission has disclosed that over $185m and N14.9bn have so far been released to the Nigerian National Petroleum Company Limited from the Frontier Exploration Fund.

The commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, made the revelation in a statement issued on Monday, addressing recent reports that the NUPRC had withheld the Frontier Exploration Fund from NNPC Ltd.

Akinkuotu’s disclosure confirms that the fund has been disbursed to NNPC Ltd as planned, countering assertions that payments were being withheld by the regulator.

The disclosure provides fresh insight into the utilisation of the controversial fund, which has been at the centre of transparency concerns following the introduction of the Petroleum Industry Act that mandates a 30 per cent allocation of NNPC Ltd’s profit oil and gas to frontier exploration.

According to the commission, the fund, drawn from statutory allocations for the exploration of frontier basins, was made available to the national oil company to accelerate oil and gas discovery efforts, particularly in underexplored regions across the country.

Akinkuotu explained that the Frontier Exploration Fund was not domiciled in the Commission but in an account controlled by the Central Bank of Nigeria.

The commission added that its role was simply to evaluate the work programme submitted by NNPCL, after which approval would be given for the release of the fund.

“The Nigerian Upstream Petroleum Regulatory Commission has dismissed reports that it is withholding the Frontier Exploration Fund from the Nigerian National Petroleum Company. $185,123,333 had been approved along with N14.9bn.

“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” the statement read.

According to the statement, the NUPRC, in a bid to promote transparency, had contracted PwC to evaluate NNPCL’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, N14.9bn and $45m were released.

“Anyone interested can also reach out to the NNPCL rather than rely on faceless individuals seeking to tarnish the image of the Commission,” the statement added.

The commission noted that the Frontier Fund was solely for the use of the NNPC and said it would be absurd for any operator to make spurious claims.

The upstream regulator added that the Minister of State for Petroleum, Senator Heineken Lokpobiri, had earlier issued a statement denying investigating the NUPRC over the handling of the fund.

“The honourable minister had issued a rebuttal on the so-called investigation on November 17, 2025. It amounts to mischief for anyone to reference a statement which has been denied by the purported author,” the commission concluded.

A business, investment, infrastructure and property correspondent currently with The PUNCH, Aina is a media professional with over three years experience

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