The Revenue Mobilisation Allocation and Fiscal Commission has directed the Nigerian Upstream Petroleum Regulatory Commission to dissolve a disputed Host Community Development Trust within 48 hours over concerns about its constitution and representation of affected oil-producing communities.
The directive was contained in a statement issued by the commission on Friday and signed by the Head of Information and Public Relations Unit, Maryam Umar-Yusuf, following an investigative hearing into the operations of Sterling Oil Exploration and Energy Production Company and the implementation of the Host Community Development Trust provisions of the Petroleum Industry Act.
According to the statement, the ultimatum was issued during the hearing of the commission’s Investment Monitoring Committee after concerns were raised over the establishment of the trust for affected host communities.
The Chairman of the RMAFC, Mohammed Shehu, reaffirmed the commission’s commitment to protecting the interests of oil-producing host communities, saying it would continue to strengthen oversight of operators and institutions responsible for ensuring that communities receive the benefits due to them under the law.
