FEF: NUPRC faults ‘misinformation campaign,’ releases $185m, N14.9bn

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has moved to counter what it describes as a growing campaign of misinformation over the management of the Frontier Exploration Fund (FEF), insisting that every approved dollar and naira meant for the Nigerian National Petroleum Company Limited (NNPCL) has been fully released.

Rather than withholding funds, the Commission said the real issue is the “deliberate spread of false claims” aimed at discrediting its regulatory integrity.

In a statement signed by its Head of Media and Strategic Communication, Eniola Akinkuotu, the Commission said it was compelled to clarify its role following repeated allegations that it was blocking access to the FEF.

It stressed that the fund is domiciled at the Central Bank of Nigeria—not NUPRC—and that disbursement does not occur without proper verification and contract awards by NNPCL.

To underscore its transparency, NUPRC revealed it had hired PwC to independently review NNPCL’s submissions before granting approvals.

It said the Commission has so far approved and released $185.1 million and N14.9 billion, with the latest tranche of $140 million signed off on November 27, 2025.

According to the Commission, no outstanding payments remain.

The statement also challenged critics to seek clarification from NNPCL rather than rely on unnamed sources.

It accused detractors of attempting to tarnish the agency’s image despite documentation showing full compliance with the Petroleum Industry Act’s funding procedures.

NUPRC further dismissed suggestions that any operator could question the administration of the fund, noting that the FEF is exclusively dedicated to NNPCL’s frontier basin exploration activities.

The regulator also drew attention to an earlier rebuttal by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who had denied ever initiating an investigation into NUPRC—a claim that fuelled speculation around the fund.

With the controversy growing, the Commission’s latest clarification signals a push to reassert its credibility amid heightened scrutiny of frontier basin funding and rising political interest in exploration spending.