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NUPRC profiles 31 fund managers for host communities development trust funds

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has identified 31 competent fund managers to invest 20% of the 3% annual funds allocated to Host Communities Development Trust Funds.

This announcement was made by the NUPRC Chief Executive Officer, Gbenga Komolafe, during a Town Hall meeting at Watbridge Hotels in Uyo, Akwa Ibom State, on Friday.

Represented by Etukudo Williams, the NUPRC Coordinator in Eket, Akwa Ibom State, Komolafe revealed that some Community Trusts have already started engaging with these fund managers.

He said, “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 Host Communities Development Trusts.

Some of the incorporated HCDTs have already started the process of engaging some of these fund managers.”

Komolafe further disclosed that the commission had issued approval for the incorporation of 167 Host Community Development Trusts, with 124 fully incorporated with the Corporate Affairs Commission and 70 accounts already funded by oil companies.

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The national chairman of the Host Communities of Nigeria Producing Oil and Gas, Style Benjamin Tamaran-Ebi confirmed that oil firms have commenced the annual 3% contribution to Host Communities Development Trusts as mandated by the Petroleum Industry Act 2021.

He stated, “We have verified that 70 Trusts out of 167 incorporated have been funded with the sum of N80 billion, and the dollar component is more than 150m dollars.”

Tamaran-Ebi emphasized the importance of using these funds for sustainable development projects in the communities, highlighting that 75% of the funds are designated for projects, 20% for reserve fund investments, and 5% for administrative costs.

At the event, the Akwa Ibom State Commissioner for Environment and Mineral Resources, Etim Uno stressed the need for collaboration among the Board of Trustees, Management Committee, and Advisory Committees to ensure the smooth implementation of the PIA.

Represented by Anietie Emah, Uno expressed concern over delays caused by disputes and leadership struggles within the communities.

He urged, “We need to understand that everybody cannot be chairman of the BOT or Chairman of the Management Committee at the same time. Please, members of the BOT, let the people you represent understand what is happening.”

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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