The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says it has profiled fund managers to invest out of the annual funds accruing to Host Communities Development Trust Funds.
The Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe made this known in his keynote address during a Town Hall meeting in Sunday, held at Watbridge Hotels, Uyo, Akwa Ibom State.
Komolafe, who was represented by the Coordinator of NUPRC in Eket, in Akwa Ibom State, Mr Etukudo Williams, said some Community Trusts had already begun the process of engaging with some of the fund managers.
He said, to manage the funds, which is 20% of the 3% OPEX, the commission had profiled 31 competent fund managers
Komolafe disclosed further that the commission had issued approval for the 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 by the oil companies.
In his remarks, the national chairman of the Host Communities of Nigeria Producing Oil and Gas, High Chief Style Tamaran-Ebi, said oil firms operating in the country had commenced the annual 3% contribution to Host Communities Development Trusts as mandated by the Petroleum Industry Act 2021.
While expressing disappointment that most communities were yet to form their Trusts due to certain setbacks, Tamaran-Ebi urged the communities to invest the money in sustainable development projects.
The meeting was organised by the Commission in conjunction with HOSTCOM Project Management and Advisory Konsult Ltd, including Host Communities Development Board of Trustees and Settlors for Akwa Ibom and Abia States 2024.