The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has debunked claims that it’s withholding the Frontier Exploration Fund (FEF) from the Nigerian Nationwide Petroleum Firm Ltd. (NNPCL).
This was contained in an announcement signed by the fee’s Head of Media and Strategic Communication, Eniola Akinkuotu, on Monday.
Akinkuotu disclosed that $185,123,333 and N14.9 billion had been accepted for launch to NNPCL.
The clarification comes amid renewed public scrutiny over the utilisation of the FEF, a fund established below the Petroleum Business Act (PIA), which mandates that 30% of NNPC Ltd’s revenue from oil and fuel be devoted to frontier basin exploration.
The NUPRC defined that the fund is just not domiciled with the Fee, however stored in an account managed by the Central Bank of Nigeria (CBN).
Its accountability, the Fee famous, is proscribed to evaluating the work programmes submitted by NNPCL and approving releases based mostly on verified actions.
“We approve funds based mostly on licensed actions and contracts awarded. So, if a contract has not been awarded, we can’t approve funds” the assertion learn.
In response to the assertion, the NUPRC in a bid to advertise transparency, had contracted PwC to judge NNPCL’s claims earlier than the ultimate approval of the fund.
“Thus far, there isn’t any excellent sum. The NUPRC accepted the ultimate launch on November 27, 2025 to the tune of $140,000,000. Now we have paperwork to again this up. Earlier, N14.9 billion and $45 million have been launched.
“Anybody may attain out to the NNPCL somewhat than depend on faceless people searching for to tarnish the picture of the Fee,” the assertion learn.
What you need to know
The Nigerian Affiliation for Vitality Economics (NAEE) earlier referred to as for readability on the 30% NNPC Restricted switch of oil and fuel revenue to frontier exploration within the Petroleum Business Invoice (PIB).
Part 9(4) of the Petroleum Business Act (PIA) supplies that the Frontier Exploration Fund shall comprise 10% of rents collected from petroleum prospecting licences, 10% of rents from petroleum mining leases, and 30% of NNPC Ltd’s revenue oil and revenue fuel below manufacturing sharing, revenue sharing, and threat service contracts. The Fund is to be utilized to all frontier basins and utilised concurrently.
The Petroleum Business Invoice (PIB) was enacted to strengthen governance within the sector by streamlining regulatory oversight into two major our bodies—the Nigerian Upstream Petroleum Regulatory Fee (the “Fee”) and the Midstream and Downstream Petroleum Regulatory Authority (the “Authority”). These two businesses changed the beforehand complicated array of regulators that when oversaw the trade.
