The African Energy Policy Alliance (AEPA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its transparent handling and timely release of the Frontier Exploration Fund (FEF) to the Nigerian National Petroleum Company (NNPC) Limited, describing the move as “a model of regulatory–industry synergy for the rest of the continent”.
In an electronic statement issued on Thursday, Dr. Randy Amuche, Executive Director of AEPA, said the Commission’s clarification, confirming the approval and release of over $185 million and N14.9 billion to the NNPCL, reinforces the reputation of the NUPRC under the leadership of Gbenga Komolafe as a regulator deeply committed to accountability, professionalism and transparent resource governance.
AEPA noted that the Commission’s prompt dismissal of claims that it withheld the fund demonstrates a maturing regulatory culture grounded in evidence-based processes.
“The NUPRC, led by Engr. Gbenga Komolafe, has once again demonstrated exceptional regulatory discipline. By explaining that the Frontier Exploration Fund is domiciled with the Central Bank of Nigeria (CBN) and not with the Commission, and that disbursement follows rigorous evaluation of NNPCL’s work programmes, the NUPRC has set a continental benchmark for transparency,” the statement reads.