Regulator debunks claims of withholding statutory allocations, says all approved funds have been fully disbursed.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that more than $185 million and N14.9 billion have been disbursed to the Nigerian National Petroleum Company Limited (NNPC Ltd.) from the Frontier Exploration Fund.
The clarification was issued in a statement on Monday by the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, following reports alleging that NUPRC had withheld the fund from the national oil company.
According to the commission, the funds mandated under the Petroleum Industry Act (PIA), which allocates 30% of NNPC Ltd.’s profit oil and gas to frontier basin exploration have been released as required. The confirmation offers new insight into the utilisation of the controversial fund, which has been the subject of transparency debates since the PIA came into effect.
NUPRC explained that the Frontier Exploration Fund is not domiciled with the commission but held in an account controlled by the Central Bank of Nigeria (CBN). The regulator’s role, it said, is limited to evaluating NNPC Ltd.’s work programme and approving payments based on verified activities.
“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” the statement said.
Akinkuotu disclosed that the commission, in a bid to reinforce transparency, engaged PwC to audit and validate claims submitted by NNPC Ltd. before authorising disbursement.
“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025, amounting to $140 million. Earlier, N14.9 billion and $45 million had also been released,” the statement added.
The commission urged the public to rely on verifiable information rather than anonymous allegations, adding that the fund is strictly for the use of NNPC Ltd. in the exploration of frontier basins across the country.
It also noted that the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, had previously dismissed claims that an investigation was underway into the handling of the fund.
“The honourable minister issued a rebuttal on the so-called investigation on November 17, 2025. It amounts to mischief for anyone to reference a statement already disowned by its purported author,” the commission said.
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