NUPRC SAYS IT HAS RELEASED ALL FRONTIER EXPLORATION FUNDS TO NNPCL
By: Safiya Abdulrahim Dabban
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has debunked claims that it is withholding the Frontier Exploration Fund from NNPCL.
NUPRC spokesperson, Eniola Akinkuotu, said the Commission has already approved and released over $185m and N14.9bn, adding that the fund is held in a CBN-controlled account, not by NUPRC.
He explained that NUPRC only approves payments after verifying NNPCL’s work plans and certified contracts. The Commission said PwC was engaged to review NNPCL’s claims to ensure transparency.
NUPRC noted that the final release of $140m was approved on November 27, 2025, stressing that there is no outstanding balance.