- NUPRC confirmed full fund releases to NNPC Ltd after independent verification.
- The Frontier Exploration Fund supports all frontier basins under PIA requirements.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed claims that it is withholding the Frontier Exploration Fund (FEF). It confirmed that all approved sums have been released to NNPC Ltd. The Commission issued a detailed statement to counter growing public speculation.
Eniola Akinkuotu, Head of Media and Strategic Communication, signed the clarification. He explained that $185,123,333 and N14.9 billion were approved for transfer. He also noted that these funds support ongoing exploration activities in Nigeria’s frontier basins. These basins remain central to the country’s search for new reserves.
The clarification followed a rise in public interest in the fund’s management. The Petroleum Industry Act (PIA) created the FEF to support exploration in frontier regions. It mandates that 30 per cent of NNPC Ltd’s profit from oil and gas supports new exploration work. This requirement aims to expand reserves and secure a long-term energy supply.
The Commission emphasised that the fund is not domiciled with NUPRC but is held in an account managed by the Central Bank of Nigeria. NUPRC only evaluates work programmes and approves releases based on verified activities. This structure ensures transparency and accountability.
The Commission added that it cannot approve payments without certified contracts, as verification ensures the protection of public funds. PwC was hired to assess NNPC Ltd’s claims before approvals were granted. This measure strengthened oversight and confirmed the legitimacy of expenditure.
Akinkuotu stated that the final release of $140 million was approved on November 27, 2025. He added that earlier releases included N14.9 billion and $45 million. He encouraged the public to seek information from NNPC Ltd rather than rely on unverified sources.
Industry groups had previously requested clarity on the 30 per cent profit allocation. Section 9(4) of the PIA defines the full structure of the fund. It states that the FEF includes rents from prospecting and mining leases. It also includes 30 per cent of NNPC Ltd’s profit from oil and gas. These funds support all frontier basins simultaneously.
The Petroleum Industry Act replaced Nigeria’s former regulatory structure. It created two streamlined bodies with NUPRC overseeing the upstream sector. The Midstream and Downstream Petroleum Regulatory Authority handles the rest. This change improved governance and reduced fragmentation.