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.