Upstream Regulator Releases $185m, N14.9bn To National Petroleum Company For Frontier Exploration

…Denies withholding fund for new oil discovery

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the sum of $185,123,333 had been approved along with N14.9 billion from the Frontier Exploration Fund (FEF) to the Nigerian National Petroleum Company (NNPCL) to fund oil discoveries.

The commission dismissed reports that it is withholding FEF from the Nigerian National Petroleum Company NNPCL.

The NUPRC, 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 an approval would be given for the release of the fund.

“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments” the commission said in a statement by the head of Media and Strategic Communication, Eniola Akinkuotu.

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, N14.9 billion and $45 million 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 read.

The Commission noted that the Frontier Fund was solely for the use of the NNPC and 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 said.