The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has received commendation for its transparent management and timely release of the Frontier Exploration Fund (FEF) to the Nigerian National Petroleum Company (NNPC) Limited.
In a statement on Thursday, Dr. Randy Amuche, Executive Director of the African Energy Policy Alliance (AEPA), described the Commission’s handling of the fund as “a model of regulatory–industry synergy for the rest of the continent.”
He noted that the NUPRC’s confirmation of the approval and release of more than $185 million and ₦14.9 billion to NNPCL further strengthens its reputation for accountability and professionalism.
AEPA applauded the Commission for swiftly addressing allegations that it had withheld the fund, saying its evidence-based response reflects a maturing regulatory culture.
According to the statement, NUPRC Chief Executive, Engr. Gbenga Komolafe, demonstrated exemplary regulatory discipline by clarifying that the Frontier Exploration Fund is domiciled with the Central Bank of Nigeria (CBN), not the Commission, and that disbursements follow strict evaluations of NNPCL’s work programmes.
Dr. Amuche also praised the Commission’s decision to engage PwC for independent verification of NNPC’s claims before payments were approved, describing it as a clear commitment to financial integrity and global best practices.
He highlighted the structured approach to the disbursement process—ranging from the initial release of ₦14.9 billion and $45 million to the final tranche of $140 million approved on November 27—as proof of the Commission’s procedural discipline, which he said boosts investor confidence.
AEPA further commended the effective coordination between the NUPRC and NNPC, calling their collaboration a model for how regulators and national oil companies should work together to enhance national and continental energy security.
“What we are witnessing is a functional, productive relationship grounded in mutual respect for institutional mandates,” Dr. Amuche said. “The regulator demands evidence, the national oil company meets the requirements, and both work toward expanding exploration in frontier basins.”
He encouraged other African countries undergoing petroleum sector reforms to study Nigeria’s regulatory approach, stressing that credible and transparent institutions are vital to improving global investor confidence in Africa’s energy markets.
“For Africa to grow and compete, we need predictable, professional and transparent institutions. The NUPRC’s management of the Frontier Exploration Fund is a strong example of how regulatory integrity strengthens the entire energy ecosystem,” he added.
AEPA also urged stakeholders to rely on verified information and avoid spreading unfounded allegations that erode trust in public institutions.
The organisation reaffirmed its commitment to supporting Nigeria’s efforts to strengthen exploration financing, accelerate frontier basin development, and expand domestic reserves in alignment with global energy transition goals.
