The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has released a total of $185 million and N14.9 billion to the Nigerian National Petroleum Company Limited (NNPC Ltd) from the Frontier Exploration Fund.

The Head of Media and Strategic Communication at the Commission, Mr Eniola Akinkuotu, disclosed this in a statement on Monday while reacting to reports alleging that the regulator had withheld disbursements meant for NNPC Ltd.

Akinkuotu said the clarification became necessary to counter claims suggesting that the Commission was refusing to release statutory allocations under the Frontier Exploration Fund. According to him, all approved funds have been duly disbursed to NNPC Ltd in line with established procedures.

He explained that the Frontier Exploration Fund, created under the Petroleum Industry Act (PIA), is designed to support oil and gas exploration in frontier basins across the country. The fund is financed through 30 per cent of NNPC Ltd’s profit oil and gas.

Akinkuotu added that contrary to reports, the fund is not domiciled with the Commission but managed in an account controlled by the Central Bank of Nigeria (CBN). He said NUPRC’s role is limited to evaluating the work programme submitted by NNPC Ltd and approving releases based on verified activities.

“The Nigerian Upstream Petroleum Regulatory Commission has dismissed reports that it is withholding the Frontier Exploration Fund from the Nigerian National Petroleum Company. A total of $185,123,333 and N14.9 billion had been approved,” the statement read.

He said the Commission only approves funds for certified activities and contracts awarded, noting that payments cannot be made in the absence of verifiable contractual obligations.

Akinkuotu further stated that, in line with its transparency policy, the Commission engaged PricewaterhouseCoopers (PwC) to evaluate NNPC Ltd’s submissions prior to the final release of funds.

“So far, there is no outstanding sum. The NUPRC approved the final release on Nov. 27, 2025, amounting to $140 million. Earlier, N14.9 billion and $45 million were released,” he said.

He advised individuals seeking further clarification to contact NNPC Ltd rather than rely on unverified information aimed at maligning the Commission.

Akinkuotu emphasised that the Frontier Exploration Fund is strictly for NNPC Ltd and said it would be improper for any operator to make unfounded claims regarding its disbursement.

He also recalled that the Minister of State for Petroleum, Sen. Heineken Lokpobiri, had earlier dismissed reports alleging an investigation into the Commission’s handling of the fund.

“The honourable minister had issued a rebuttal on the so-called investigation on Nov. 17, 2025. It amounts to mischief for anyone to reference a statement already denied by the purported author,” he said.