NNPC Receives $185 Million and N14.9 Billion from Frontier Exploration Fund – NUPRC Confirms

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the Nigerian National Petroleum Company Limited (NNPC Ltd) has received over $185 million and N14.9 billion from the Frontier Exploration Fund. The announcement comes in response to recent speculation that the regulator was withholding the fund.

Eniola Akinkuotu, NUPRC’s Head of Media and Strategic Communication, stated in a Monday release that the funds have been disbursed to NNPC as scheduled, ensuring continuity in the company’s oil and gas exploration initiatives. “$185,123,333 has been approved along with N14.9 billion,” she clarified, emphasizing that claims of withheld payments are unfounded.

The Frontier Exploration Fund, derived from statutory allocations for underexplored basins, is aimed at accelerating oil and gas discoveries across Nigeria. According to NUPRC, the fund is held in an account controlled by the Central Bank of Nigeria, with the commission’s role limited to evaluating NNPC’s work programme before approving releases.

To ensure transparency, NUPRC engaged PwC to verify NNPC’s claims prior to final fund approval. Akinkuotu noted that the final tranche of $140 million was released on November 27, 2025, complementing earlier disbursements of $45 million and N14.9 billion. “There is no outstanding sum,” she stressed, urging the public to consult NNPC directly rather than relying on unverified claims.

The regulator also highlighted that the fund is exclusively for NNPC’s use. In addition, the Minister of State for Petroleum, Senator Heineken Lokpobiri, previously dismissed reports of any investigation into NUPRC’s handling of the fund, calling such claims misleading. The commission reaffirmed that all fund allocations follow certified contracts and activities, ensuring accountability and proper utilization.

source: Punch