NUPRC denies withholding Frontier Exploration Fund

….says over $185m, N14.9bn released to NNPC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed reports that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPCL).

According to Eniola Akinkuotu, head, Media and Strategic Communication, NUPRC, the commission had approved $185,123,333 along with N14.9 billion. He added that the Frontier Exploration Fund was not domiciled in the Commission but in an account controlled by the Central Bank of Nigeria.

The frontier exploration fund, established under the Petroleum Industry Act (PIA), was designed to support new oil exploration efforts in Nigeria’s frontier basins, particularly in underexplored regions such as Chad, Sokoto, Anambra, and Benue.

In a statement issued to journalists on Monday, Akinkuotu said that the role of the commission 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.

“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.

It added that Heineken Lokpobiri, Minister of State for Petroleum, had earlier issued a statement denying investigating the NUPRC over the handling of the fund.

Lokpobiri, at the 43rd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), had raised concerns over the misuse of Nigeria’s frontier exploration fund, noting that some individuals are diverting the money for purposes unrelated to oil exploration.

Since assuming office, Lokpobiri said, little emphasis has been placed on using the fund to advance exploration in largely untapped areas. He noted that some individuals are instead borrowing the money for other purposes, warning of the risks posed by such practices.