The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly rejected allegations that it is sitting on the Frontier Exploration Fund, describing the claims as “mischief” from faceless sources.
In a detailed statement issued Monday, NUPRC’s Head of Media, Eniola Akinkuotu, disclosed that the Commission has already approved and released a total of **$185,123,333** and **N14.9 billion** to the Nigerian National Petroleum Company Limited (NNPC) for frontier basin exploration.
“The Frontier Exploration Fund is not domiciled with NUPRC. It is held in a dedicated account with the Central Bank of Nigeria,” the statement clarified. “Our role is purely to evaluate NNPC’s submitted work programme and certify activities before funds are released.”
To ensure transparency, NUPRC engaged global auditors PricewaterhouseCoopers (PwC) to independently verify NNPC’s claims before final approvals.
Breakdown of releases so far:
– N14.9 billion (earlier tranche)
– $45 million (earlier tranche)
– $140 million – approved and released on **27 November 2025**
“There is currently no outstanding amount awaiting approval,” NUPRC insisted. “All certified contracts have been paid. We cannot approve payment for contracts that have not been awarded.”
The Commission also dismissed reports of an alleged investigation by the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, noting that the minister had already debunked such claims in a statement dated 17 November 2025.
“It is pure mischief for anyone to keep referencing a letter the supposed author has publicly disowned,” the statement added.
NUPRC challenged anyone with contrary evidence to approach NNPC directly instead of peddling falsehoods aimed at tarnishing the regulator’s image.
The Frontier Exploration Fund, established under the Petroleum Industry Act, is exclusively for NNPC’s search for oil in Nigeria’s frontier basins including the Chad Basin, Gongola, Anambra, Sokoto, Bida, and Benue Trough.
With the latest rebuttal, the NUPRC says it has put the controversy to rest — and dared doubters to produce facts.
