Sopuruchi Onwuka

The Nigerian Upstream Petroleum Regulatory Commission says it has released all approved Frontier Exploration Fund allocations to the Nigerian National Petroleum Company Limited, with no outstanding balance left in the Central Bank of Nigeria account.

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According to Eniola Akinkuotu, the Commission’s Head of Media and Strategic Communication, NUPRC has approved and released a total of $185.1 million and N14.9 billion to NNPC.

This includes a final tranche of $140 million, approved on November 27, 2025, along with earlier disbursements of $45 million and N14.9 billion.

NUPRC noted that the fund itself is kept with the Central Bank of Nigeria, not with the Commission. Its role is limited to reviewing NNPC’s work programme and authorizing releases once activities and contract awards are verified.

Because each approved amount has already been disbursed, the Commission said there is no remaining balance sitting in the CBN account awaiting approval.

To support transparency, NUPRC said it engaged PwC to review NNPC’s claims before funds were cleared.

The Commission urged anyone seeking clarification to contact NNPC directly rather than rely on unverified allegations. It also pointed out that the Minister of State for Petroleum, Senator Heineken Lokpobiri, has already denied ordering any investigation into NUPRC’s handling of the fund.