…Approves $185m, N14.9bn for F E F
FAVOUR ISHEMBER, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied reports that it is holding back the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company (NNPCL).
According to a press statement issued by Eniola Akinkuotu, Head of Media and Strategic Communication, the Commission has approved $185,123,333 and N14.9 billion for the fund.
The NUPRC clarified that the Frontier Exploration Fund is not held by the Commission, but is instead managed by the Central Bank of Nigeria.
The Commission’s role is limited to evaluating the work programme submitted by NNPCL, after which approval is given for the release of the funds, the statement added.
“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments” the statement read.
According to the statement, 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 Honourable 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.
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