The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the Nigerian National Petroleum Company Limited (NNPC Ltd) has received over $185 million and N14.9 billion from the Frontier Exploration Fund, countering recent claims that the fund was being withheld.

Eniola Akinkuotu, Head of Media and Strategic Communication at the NUPRC, made the disclosure in a statement on Monday. He explained that the fund, which is drawn from statutory allocations for the exploration of frontier basins, was intended to support oil and gas discovery in underexplored regions across the country.

“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 had been approved along with N14.9bn,” the statement read.

Akinkuotu clarified that the Frontier Exploration Fund is held in an account controlled by the Central Bank of Nigeria and not domiciled within the Commission. NUPRC’s role is to evaluate the work programmes submitted by NNPC Ltd and approve the release of funds accordingly.

“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” he said.

The Commission stated that to ensure transparency, it had engaged PwC to evaluate NNPC Ltd’s claims prior to the release of the funds. According to NUPRC, $45 million and N14.9 billion had been released earlier, with the final tranche of $140 million approved on November 27, 2025. “So far, there is no outstanding sum. We have documents to back this up,” the statement added.

Akinkuotu also urged the public and stakeholders to verify information directly with NNPC Ltd rather than relying on unverified sources. The Commission reaffirmed that the Frontier Exploration Fund is exclusively for NNPC Ltd’s use and dismissed suggestions that other operators could make legitimate claims on the fund.

The NUPRC’s clarification follows comments by the Minister of State for Petroleum, Senator Heineken Lokpobiri, who on November 17 denied any investigation into the Commission’s handling of the Frontier Fund. The Commission described attempts to suggest otherwise as “mischief” and urged accurate reporting.