Nigerian Regulator Denies Withholding Oil Exploration Funds, Releases $185m to NNPC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has refuted claims of withholding frontier exploration funds meant for the Nigerian National Petroleum Corporation (NNPC). NUPRC spokesperson Eniola Akinkuotu clarified that funds have already been disbursed to NNPC based on certified activities.
The commission engaged PricewaterhouseCoopers (PwC) to independently assess NNPC's claims and authorize disbursements. A total of $185 million and N14.9 billion have been released to NNPC, with recent approvals adding $140 million.
NUPRC emphasized the need for public clarification from NNPC to avoid misinformation and enhance regulatory oversight.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
Read full article
Continue on Business Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
NUPRC Commended for Transparent Handling of Frontier Exploration Funds in Nigeria's Oil Sector
Oil Watchdog Network Commends NUPRC's Transparency in Frontier Fund Management
Nigerian Upstream Petroleum Regulator Remits N8.79 Trillion to Federation Account
NUPRC Targets $10 Billion Investments in Nigerian Oil Blocks by 2025
Nigerian Senate Orders NNPC to Refund ₦210 Trillion Missing Funds Amid Financial Discrepancies
SERAP Demands NNPC Boss to Account for Missing Billions in Oil Funds
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
