The Trust, named ‘KEFFESO Host Communities Development Trust’ , is a not-for-profit and non-political organization which will be governed by a constitution. In support of its activities, the NNPC/FIRST E&P JV will contribute 3% of its actual operating expenditure in the upstream petroleum operations each preceding calendar year to a fund established by the Trust.
Speaking during the inauguration ceremony, Executive Director, Corporate Services, FIRST E&P, Emmanuel Etomi, noted that the establishment of the Trust was done in full compliance with the requirements of chapter three of the Petroleum Industry Act , which mandates the incorporation of a Host Communities Development Trust to aid the development of the socio-economic infrastructure of the communities within the petroleum mining lease.
The chief executive of Nigerian Upstream Petroleum Regulatory Commission , Gbenga Komolafe, represented by the Field Coordinator, NUPRC, Bayelsa, Sylvester Bighoro, stated that the agency is delighted to be part of a historic occasion that would birth a new era of developmental projects and advancement of the host communities.
Komolafe charged the trustees to manage the affairs of the Trust in a way that would address the developmental needs of impacted host communities in the oil-producing areas and sustain the peace and harmony between the company and host communities.
Source: News Formal (newsformal.com)
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