In compliance with stipulations of the Petroleum Industry Act (PIA), an indigenous oil and gas-producing company, Green Energy International Limited (GEIL), has inaugurated a seven-man board for the Host Community Development Trust, (HCDT).
Speaking at the inauguration in Port Harcourt, the Chairman of GEIL, Prof. Anthony Adegbulugbe, explained that since the signing of the PIA into law, his company, and LekOil Otakikpo in a Joint Venture (JV) engaged Ikuru community in series of community-focused activities at the grass-root level, essentially to galvanise support and conducted a need assessment, which eventually birthed a community development plan (CDP) that has since been validated by members of the community.
Adegbulugbe also noted that following the establishment of the HCDT through the engagement of community stakeholders, approvals by the Nigerian Upstream Regulatory Commission (NUPRC), and registration of the trust with the Corporate Affairs Commission (CAC) as “Ikuru Town Host Community Development Trust.”
He said: “The HCDT is meant to address the hostilities by oil-producing communities towards the operators in parts of the region, which has led to the stealing of massive volumes of crude oil daily and in some cases, destruction of oil facilities.
“It is also intended to improve the development of oil communities, improve their living standard, and to give them a sense of belonging in the ownership and operation of oil and gas assets in their domain.”
Chairman of the Board, Lysias Gilbert, disclosed that every member of the board would ensure that the three per cent remitted will be used to solely for the development of the community.
“With the new law, it is expected that we will work on the stipulation of the law as much as possible to bring development in our community.
“We will ensure we work in harmony and ensure that whatever money that is accrue to our community will be used for the development of it,” he said.
Reacting, the representative of Ikuru Town, HRM King Dr. Aaron Miller Ikuru KSC expressed satisfaction with the level of commitment of the company to the development of the community.
Recall that in August 2021, President Muhammadu Buhari signed the Petroleum Industry Act (PIA) into law, establishing legal provisions required for the establishment of Host Community Development Trust (HCDT) by oil-producing companies operating in the region.
The petroleum law made provision for oil-producing companies to devote three per cent of their yearly Operational Expenditure (OPEX) to the development of their host communities, which will be managed through the HCDT; a move hailed by industry stakeholders as one that would be of benefit to the host communities.
