According to Nivo News, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has earned widespread commendation for the transparent and timely release of the Frontier Exploration Fund (FEF) to the Nigerian National Petroleum Company Limited (NNPCL).....KINDLY READ THE FULL STORY HERE▶

In a statement on Thursday, Dr. Randy Amuche, Executive Director of the African Energy Policy Alliance (AEPA), hailed the Commission’s actions as a model of effective collaboration between regulators and industry players across the continent. He noted that the confirmation of the approval and disbursement of over $185 million and N14.9 billion to NNPCL further strengthens the NUPRC’s reputation for professionalism and transparency.

Dr. Amuche stated that the Commission’s swift clarification, which dismissed allegations of withholding the fund, reflects a maturing regulatory environment driven by evidence-based governance. He emphasised that under the leadership of Engr. Gbenga Komolafe, the NUPRC continues to uphold exemplary standards of accountability.

He pointed out that the Commission’s explanation that the FEF is managed by the Central Bank of Nigeria (CBN)—and not the Commission—demonstrates clarity and adherence to global best practices. He added that the decision to engage PwC for an independent evaluation of NNPCL’s submissions before approving payments underscores the Commission’s commitment to financial integrity.

From the initial releases of N14.9 billion and $45 million to the final tranche of $140 million approved on November 27, Dr. Amuche said the NUPRC displayed procedural discipline that boosts investor confidence, especially as African countries push to unlock new frontier basins.

AEPA further praised the effective coordination between the NUPRC and the NNPCL, describing their relationship as an example of how regulators and national oil companies should work together to advance national and continental energy goals. According to the organisation, their mutual respect for institutional roles has enabled seamless progress in frontier basin exploration.

Dr. Amuche urged other African nations undergoing petroleum sector reforms to study Nigeria’s regulatory framework, stressing that transparent and predictable institutions are essential to improving investor confidence in Africa’s energy markets. He added that the NUPRC’s handling of the FEF demonstrates how regulatory integrity strengthens the wider energy ecosystem.

AEPA also encouraged the public and stakeholders to rely on verified information and avoid unfounded claims that erode trust in public institutions. The organisation reaffirmed its support for Nigeria’s ongoing efforts to expand exploration funding, advance frontier basin development, and increase domestic reserves in line with global energy transition goals.