The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that the Nigerian National Petroleum Company Limited (NNPCL) has already received more than $185m and N14.9bn from the Frontier Exploration Fund.
Naijaonpoint reports that the statement was issued on Monday while the regulator reacted to claims that it was holding back funds meant for NNPC Ltd.
According to the Commission, the money was released as planned and no part of it is being delayed.
The Frontier Exploration Fund was created under the Petroleum Industry Act and is drawn from a portion of NNPC’s profit oil and gas to support exploration in frontier basins across the country.
The regulator explained that the fund is not kept with the Commission but in an account under the Central Bank of Nigeria.
Its duty is only to assess NNPC’s work plan and approve payments once the activities have been confirmed.
The Commission said that PwC was hired to review NNPC’s submissions to promote transparency in the process.
It said the final approval of $140m was issued on November 27, 2025, adding that earlier releases of N14.9bn and $45m had already been made.
It also stated that the entire fund belongs to NNPC for exploration use, and dismissed claims pushed by unnamed sources.
The regulator added that the Minister of State for Petroleum had earlier denied any investigation into how the fund was handled, warning that people should stop circulating false claims.
The Commission maintained that there is no outstanding amount yet to be released to NNPC.
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