The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has refuted claims that it is preventing the Frontier Exploration Fund (FEF) from being accessed by the Nigerian National Petroleum Company Limited (NNPCL).
In a press release by Eniola Akinkuotu, who heads Media and Strategic Communication, it was stated that the Commission has sanctioned a total of $185,123,333 and ₦14.9 billion for the fund.
The NUPRC emphasized that it does not control the Frontier Exploration Fund, which is overseen by the Central Bank of Nigeria.
The Commission’s responsibility is limited to reviewing the work program submitted by NNPCL; only after this evaluation is approval granted for the disbursement of the funds, the statement noted.
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“We authorize fund releases based on validated activities and contracts that have been awarded. Thus, if no contract is awarded, we cannot authorize any payments,” the statement indicated.
The Commission highlighted that the Frontier Fund is exclusively meant for NNPC’s use, and any operator making unfounded claims would be misguided.
Furthermore, the upstream regulator pointed out that the Honourable Minister of State for Petroleum, Senator Heineken Lokpobiri, had previously released a statement clarifying that no investigation was underway regarding the NUPRC’s management of the fund.
“The honourable minister had refuted the alleged investigation on November 17, 2025. It is misleading for anyone to cite a statement that the purported author has disavowed,” the Commission remarked.
