The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has released a total of 185.12 million dollars (about N268.4 billion) 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 of the Commission, Mr Eniola Akinkuotu, disclosed this in a statement on Monday while reacting to reports suggesting that the Commission had withheld the statutory fund from NNPC Ltd.

Akinkuotu said the clarification became necessary to counter recent publications alleging that NUPRC was blocking payments under the Frontier Exploration Fund. He explained that the disbursements had been made as approved and in line with regulatory procedures.

He noted that the Frontier Exploration Fund was created under the Petroleum Industry Act (PIA), which mandates that 30 per cent of NNPC Ltd’s profit oil and gas be allocated to the exploration of frontier basins across the country. The fund has been the focus of public scrutiny due to concerns about transparency and utilisation.

According to Akinkuotu, the Fund is not domiciled with the Commission but held in an account managed by the Central Bank of Nigeria (CBN). He said NUPRC’s role is limited to assessing the work programme submitted by NNPC Ltd and approving releases based on certified activities and awarded contracts.

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

He said payments could not be approved where contracts had not been awarded or where activities had not been certified, noting that the Commission adheres strictly to due process in handling the fund.

Akinkuotu also said the Commission contracted PwC to evaluate NNPC Ltd’s claims as part of efforts to ensure transparency before granting final approvals for disbursement.

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

He advised stakeholders and members of the public to seek clarification from NNPC Ltd rather than rely on unverified claims from persons he described as intent on tarnishing the image of the Commission.

The Commission further clarified that the Frontier Exploration Fund is strictly for the use of NNPC Ltd, adding that it would be inappropriate for any operator or individual to make unfounded statements suggesting otherwise.

Akinkuotu also recalled that the Minister of State for Petroleum, Sen. Heineken Lokpobiri, had earlier refuted reports alleging that the Ministry was investigating NUPRC over the handling of the fund.

“The minister had issued a rebuttal on the so-called investigation on Nov. 17, 2025. It amounts to mischief for anyone to reference a statement which has been denied by the purported author,” the statement added.