Chief Executive Officer, Nigerian Upstream Regulatory Commission (NURC), Mr Gbenga Komolafe
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly debunked claims that it is holding back the Frontier Exploration Fund (FEF) meant for the Nigerian National Petroleum Company Limited (NNPC Ltd.), insisting that all approved funds have already been released.
In a detailed statement on Wednesday, the Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, described the allegations as misleading.
He clarified that a total of $185.123 million and N14.9 billion had been approved for NNPC, adding that the funds were not housed within the NUPRC.
According to him, “the FEF was not domiciled in the commission but in an account controlled by the Central Bank of Nigeria (CBN).”
Akinkuotu explained that the NUPRC’s role is limited to evaluating NNPC’s work programme and approving payments strictly based on verified activities.
“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” he said.
To ensure transparency, he noted that the commission brought in professional services firm PwC to scrutinise NNPC’s claims before approvals were granted. He disclosed that the latest payment—$140 million—was approved on Nov. 27, 2025, with earlier releases of N14.9 billion and $45 million.
“So far, there is no outstanding sum. We have documents to back this up,” he added.
Akinkuotu urged the public to seek clarification from NNPC directly rather than rely on shadowy interests pushing misinformation.
He stressed that the Frontier Fund is strictly an NNPC operational tool, making it illogical for anyone to accuse the commission of withholding funds.
He also referenced a previous statement by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, who had expressly denied authorising any investigation into NUPRC over the fund.
“The honourable minister had issued a rebuttal on the so-called investigation on Nov. 17. It amounts to mischief for anyone to reference a statement which has been denied by the purported author,” Akinkuotu said.
With the commission’s latest clarification, NUPRC says it hopes to put an end to what it describes as an unwarranted attempt to cast doubts on its transparency and operations.
