The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has debunked claims that it is withholding the Frontier Exploration Fund (FEF) meant for the Nigerian National Petroleum Company Limited (NNPCL), insisting that all approved funds have been fully released.

In a statement signed by its Head of Media and Strategic Communication, Eniola Akinkuotu, on Monday, in Abuja, the Commission disclosed that a total of $185,123,333 and N14.9 billion had been approved and released to NNPCL in line with due process.

NUPRC clarified that the Frontier Fund was domiciled with the Central Bank of Nigeria, not the Commission, and explained that its responsibility was limited to evaluating NNPCL’s work programmes and approving payments only after verifying certified activities and awarded contracts.

It partly reads, “We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments.”

To strengthen transparency, the Commission noted that it engaged PwC to assess NNPCL’s claims before granting final approvals. It added that the most recent release, $140 million, was approved on November 27, 2025, following earlier disbursements of N14.9 billion and $45 million.

According to the NUPRC, there was currently no outstanding amount due for payment, urging the public to verify information directly with NNPCL rather than rely on individuals out to tarnish its good image

“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 regulator stressed that the Frontier Fund was exclusively for NNPCL’s use and dismissed insinuations that any operator could raise valid objections over its management.

NUPRC also referenced an earlier clarification by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who had publicly denied authorising any investigation of the Commission regarding 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 added.