From Isaac Job, Uyo
The Chief Executive Officer (CEO) of Nigeria Upstream Regulatory Commission Dr Gbenga Komolafe has said that 31 financial managers have selected to invest on funds given to Host Communities Development Trusts ( HCDTs ) by oil companies for development of oil bearing communities in the Niger Delta region .
Komolafe who delivered a keynote address at town hall meeting in Uyo on Saturday to participants of a one day workshop organized by the Nigeria Upstream Regulatory Commission for Host Communities Board of Trustees and Settlers from Akwa Ibom and Abia states.
Komolafe, while thanking the participants for turning up for the event, disclosed that the commission had issued approval for incorporation of 167 Host Community Development Trusts adding that 124 have been fully incorporated with the Corporate Affairs Commission while 70 accounts had been funded
The Chairman of the Commission who was represented by Eket Coordinator of NUPRC, Mr Etukudo Williams disclosed that the commission had engaged 31 competent fund managers to invest the funds for HCDTs, adding that some Community Trusts have already begun the process of engaging with some of the fund managers.
” To manage the funds, which is 20% of the 3% OPEX, the commission has profiled 31 competent fund managers to invest the funds for the HCDTS. Some of the incorporated HCDTS have already started the process of engaging some of these fund managers”
He said funds have already been disbursed to 70 communities whose Trust Funds have been duly registered with Corporate Affairs Commission ( CAC) for development of their communities
“This is just for 2021–2022. The year 2023 funds are still being expected. We are here to tell the communities to work seamlessly to protect the projects so that government can entrust more for the communities”
The National Chairman of Nigeria Host Communities Producing Oil And Gas Dr Styles Benjamin Tamaran Ebi expressed disappointment that most communities are yet to form their Trusts due to litigations and struggle for leadership and urged the communities to invest the money in sustainable development projects
” He said this money has been given to communities, within the next few years, Niger Delta will be brighten up.
“These funds are specifically for projects, 75 per cent of the fund is for projects, 20 percent reserve fund is for business while 5 per cent is for sitting allowance including payment of house rents and these funds will not be in the hands of Board of Trustees”
“This is the transparency of the Nigerian Upstream Petroleum Regulatory Commission.Think of what your community should do to have sustainable development, it’s integrity test.Don’t misuse it, but use it to develop your communities, we want to encourage ourselves and that is the message” he said .
Akwa Ibom State Commissioner for Environment and Mineral Resources Uno Etim Uno emphasized that there was need for members of the Board of Trustees , the Management committee’s and Advisory committee’s to work hand in hand to ensure smooth and speedy implementation of the Petroleum Industry Act (PIA) to impacted on communities in the state.
Uno, who was represented by the Head Petroleum Resources in the Ministry, Engr. Anietie Emah expressed concern that certain issues including the clamour to chair or belong to any of the communities had hampered the PIA implementation process in some Akwa Ibom Oil and gas communities.
“We need to understand that everybody cannot be chairman of the BOT, or Chairman of the Management committee at the same time , it is not possible. Please members of the BOT let the people you represent understand what is happening” he said