By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that it has so far released over $185 million and N14.9 billion to the Nigerian National Petroleum Company Limited from the Frontier Exploration Fund.

The Commission in a statement by Head, Media and Strategic Communication, Eniola Akinkuotu dismissed reports that it was withholding the fund from NNPC Limited.

Specifically, the Commission disclosed that $185, 123, 333 had been approved along with N14.9 billion.

The NUPRC explained that the Frontier Exploration Fund was not domiciled in the Commission but in an account controlled by the Central Bank of Nigeria.

It added that its role was simply to evaluate the Work Programme submitted by NNPCL after which an approval would be given for the release of the fund.

The Commission noted that the Frontier Fund was solely for the use of the NNPC and it would be absurd for any operator to make spurious claims.

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

According to the statement, the NUPRC in a bid to promote transparency, had contracted PwC to evaluate NNPCL’s claims before the final approval of the fund.

“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025 to the tune of $140,000,000. We have documents to back this up. Earlier, N14.9 billion and $45 million were released.

“Anyone interested can also reach out to the NNPCL rather than rely on faceless individuals seeking to tarnish the image of the Commission”.