The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly denied allegations that it is holding back the Frontier Exploration Fund (FEF) meant for the Nigerian National Petroleum Company (NNPC Ltd.). The commission said the rumours were inaccurate and intended to mislead the public.
In a statement on Wednesday, Eniola Akinkuotu, Head of Media and Strategic Communication at the NUPRC, explained that the commission had already approved 185.123 million dollars as well as ₦14.9 billion. He clarified that the fund is held by the Central Bank of Nigeria (CBN), not by the commission itself.
Akinkuotu outlined that the NUPRC’s statutory responsibility is to review and validate the work plans submitted by NNPC Ltd. Upon satisfactory assessment, the commission approves the release of funds for specific activities.
He stressed that approvals can only be granted for contracts that have been awarded and verified. “We approve funds based on certified activities. If there is no contract in place, we cannot approve any disbursement,” he said.
To strengthen transparency, Akinkuotu disclosed that PwC was commissioned to review NNPC Ltd.’s funding requests before any final approval. He confirmed that there are currently no outstanding payments, noting that 140 million dollars was approved on 27 November 2025, alongside earlier releases of 45 million dollars and ₦14.9 billion.
The NUPRC spokesman urged members of the public to seek clarification from NNPC Ltd. rather than rely on unverified information. He condemned attempts by unnamed individuals to damage the credibility of the commission through fabricated claims.
He reiterated that the Frontier Fund is intended exclusively for NNPC operations, and that it would be illogical for any other entity to accuse the commission of withholding funds. The NUPRC, he said, continues to function within the law and in the interest of transparency.
Akinkuotu added that the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, had already denied ordering any probe into the NUPRC. He called it mischievous for anyone to continue spreading a claim already dismissed by the minister himself.
