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Oil companies to incorporate host community development trust - PIB

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Oil companies operating in Nigeria are expected to incorporate a host community trust for social and economic benefit from petroleum

From excerpts in the new Petroleum Industry Bill obtained by the News Agency of Nigeria in Abuja, the aim of the trust is to foster sustainable prosperity within the host community.

The new PIB said ” Settlors shall incorporate a trust for the benefit of host communities for which the settlor is responsible. It added that the settlor would appoint and authorise a board of trustee that would be registered by the Corporate Affairs Commission as a corporate body under the Companies and Allied Commission Act.

” The membership of the board of Trustees of the host communities development trust shall be subject to the approval of the commission or the regualtory body, ‘the Authority’.“The settlor shall in determination of membership of the board of Trustees, include persons of high integrity and professional standing who may not neccessarily come from any of the host communities,” it said.

The new PIB revealed that the board of trustee would be responsible for the management of the host communities development trust, determine the criteria, process and proportion of host communities development trust fund to be alloted to specific development programmes. It noted that allocation of funds to host communities would be based on the matrix provided by the oil companies.

 

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