The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed reports alleging that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPCL).
In an official statement signed by Eniola Akinkuotu, the Commission’s Head of Media and Strategic Communication, NUPRC described the claims as false, misleading, and designed to create unnecessary tension within the oil and gas industry.
According to the statement, the Commission has fully complied with all statutory obligations regarding the disbursement and management of the Frontier Exploration Fund, adding that all actions taken align with the provisions of the Petroleum Industry Act (PIA).
NUPRC emphasized that insinuations of financial withholding are unfounded and do not reflect the Commission’s transparent processes or its ongoing collaboration with the NNPCL to enhance exploration activities in frontier basins across the country.
The Commission urged the public to disregard the misinformation and assured stakeholders of its commitment to accountability, regulatory clarity, and the sustainable development of Nigeria’s upstream petroleum sector.