NUPRC Commended Over Release Of Frontier Exploration Funds To NNPC

The African Energy Policy Alliance (AEPA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its transparent handling and timely release of the Frontier Exploration Fund (FEF) to the Nigerian National Petroleum Company (NNPC) Limited, describing the move as “a model of regulatory–industry synergy for the rest of the continent”.

In an electronic statement issued on Thursday, Dr. Randy Amuche, Executive Director of AEPA, said the Commission’s clarification, confirming the approval and release of over $185 million and N14.9 billion to the NNPCL, reinforces the reputation of the NUPRC under the leadership of Gbenga Komolafe as a regulator deeply committed to accountability, professionalism and transparent resource governance.

AEPA noted that the Commission’s prompt dismissal of claims that it withheld the fund demonstrates a maturing regulatory culture grounded in evidence-based processes.

“The NUPRC, led by Engr. Gbenga Komolafe, has once again demonstrated exceptional regulatory discipline. By explaining that the Frontier Exploration Fund is domiciled with the Central Bank of Nigeria (CBN) and not with the Commission, and that disbursement follows rigorous evaluation of NNPCL’s work programmes, the NUPRC has set a continental benchmark for transparency,” the statement reads.

Dr Amuche praised the Commission’s decision to contract PwC to independently evaluate NNPC’s claims before approving payments, saying it reflects a commitment to financial integrity and best-practice oversight.

“From the initial release of N14.9 billion and $45 million, to the final tranche of $140 million approved on November 27, the NUPRC demonstrated procedural discipline that boosts investor confidence. Such diligence is precisely what Africa needs as countries seek to unlock frontier basins from Uganda to Namibia,” he said.

AEPA also applauded the seamless coordination between the NUPRC and the NNPC, describing the relationship as a model of how regulators and national oil companies should collaborate to drive national and continental energy security.

“What we are witnessing between the NUPRC and NNPC is a productive, functional relationship rooted in mutual respect for institutional mandates. The regulator demands evidence; the national oil company meets the requirements; and both work together toward expanding exploration in frontier basins,” Dr Amuche observed.

He urged other African nations reforming their petroleum governance structures to study Nigeria’s approach, noting that credible, transparent regulatory practices remain central to improving global investor perception of Africa’s energy markets.

“For Africa to compete and grow, we need institutions that are predictable, professional and transparent. The NUPRC’s handling of the Frontier Exploration Fund is a strong demonstration of how regulatory integrity strengthens the entire energy ecosystem,” he said.

AEPA also encouraged stakeholders to rely on verified information and avoid “unsubstantiated claims” that undermine trust in public institutions.

The continental organisation reaffirmed its support for Nigeria’s ongoing efforts to strengthen exploration funding, deepen frontier basin development, and expand domestic reserves in line with global energy transition realities.

“Nigeria is setting the pace. Properly supervised frontier exploration, as currently driven by the NUPRC under Engr. Gbenga Komolafe, is essential not just for national growth but for Africa’s collective energy future,” he added.