The KEFFESO Host Communities Development Trust (KEFFESO HCDT) in Bayelsa on Thursday announced revenue of N15.259 billion for the 2024 fiscal year at its Annual General Meeting (AGM) in Yenagoa.
The KEFFESO HCDT is funded by Nigerian National Petroleum Company Limited/First Exploration and Petroleum Development Company Joint Venture.
The Petroleum Industry Act (PIA) requires oil firms to set aside three per cent of their annual operating expenses for development of their host communities to be administered by the HCDT.
At the AGM with the theme: Advancing Accountability and Sustainable Growth, the Finance, Audit, Accounts and Risk Committee said it received a total income of N15,635 billion and expended N375.529 million leaving an outstanding balance of N15.259 billion.
Speaking at the inaugural AGM, NNPCL Group Chief Executive Officer, Bayo Ojulari described the KEFFESO HCDT as “the cornerstone of our common goal. It is a platform that ensures that development is community-led, participatory, and sustainable.”
Ojulari who was represented by, Mina Loveday of NNPCL Upstream Investment Management Services explained three guiding principles of accountability, documentation and sustainability that defined the success of the HCDT.
He urged the members on unity saying, “As we take this first step together, let us do so with a shared sense of responsibility and purpose. Let us put aside divisions and work hand in hand to build a future where every member of the KEFFESO communities can thrive.”
The Managing Director, First Exploration and Petroleum Development Company, Ademola Adeyemi-Bero commended the HCDT for its outstanding achievements and their focus on impactful development.
Represented by Emmanuel Eteli, he also applauded the joint venture for its collaboration and assured that they will continue to work with the HCDT on initiatives that align with the priorities of the people.
He said: “Today, the KEFFESO HCDT stands out as a model of collaboration founded on mutual trust, transparency, and shared aspirations for development.
“The remarkable strides you have made demonstrate what is possible when communities lead their development agenda with dedication and integrity.
“We commend your consistent focus on impact-driven development from education and healthcare initiatives to community infrastructure development.”
Earlier in his welcome address, the Chairman, Board of Trustees KEFFESO HCDT, King Moses Theophilus described the AGM as a platform for transparency, accountability, and continued stakeholder engagement.
Theophilus noted that the HCDT has transitioned from conceptualisation to full operationalisation since its inauguration in September 2023.
He said their intervention programmes across 11 primary and seven post primary schools have strengthened education in addition to healthcare services.
Other areas of concern are improvement of road infrastructure, health facility upgrades and enhancement of education infrastructure across all KEFFESO HCDT communities.
KEFFESO is an acronym for oil bearing communities in Brass and Southern Ijaw LGAs in Bayelsa, who are host communities to First E and P operators of Oil Mining Leases (OMLs 83 and 85 off the Atlantic coastline.