Yenagoa : The KEFFESO Host Communities Development Trust (KEFFESO HCDT) has announced a revenue of N15.2 billion during the 2024 fiscal year.
This is contained in a report presented by the Finance, Audit, Accounts and Risk Committee at the KEFFESO HCDT maiden Annual General Meeting (AGM) on Thursday in Yenagoa.
According to the report, the development trust received a total income of N15.6 billion and expended N375.52 million, resulting in a balance of N15.2 billion.
KEFFESO HCDT is funded by the Nigerian National Petroleum Company Limited/First Exploration and Petroleum Development Company Joint Venture.
Recall that the Petroleum Industry Act requires oil firms to set aside three per cent of their annual operating expenses for host communities development to be administered by the HCDT.
Speaking at the AGM, with the theme “Advancing Accountability and Sustainable Growth,” Bayo Ojulari, NNPCL Group Chief Executive Officer, described the KEFFESO HCDT as the cornerstone of the company’s shared goal.
Ojulari stated that the development trust provided a platform to drive community-led, participatory, and sustainable development projects.
Represented by Mina Loveday of NNPCL Upstream Investment Management Services, the chief executive officer stated that the principles of accountability, documentation, and sustainability defined HCDT’s success.
“As we take this first step together, let us do so with a shared sense of responsibility and purpose. Let us set aside our divisions and work together to build a brighter future.
Also speaking, Ademola Adeyemi-Bero, Managing Director of First Exploration and Petroleum Development Company, commended the HCDT for its outstanding achievements and focus on impactful development.
Represented by Emmanuel Eteli, Adeyeni-Bero commended the joint venture for its collaboration and assured of continued synergy with the HCDT on people-oriented initiatives.
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 the things that are achievable when communities lead their development agenda with dedication and integrity,” he said.
Earlier, Moses Theophilus, Chairman of the Board of Trustees of KEFFESO HCDT, described the AGM as a platform for transparency, accountability, and continued stakeholder engagement.
Theophilus said that the HCDT had moved from conceptualisation to full operationalisation since its inauguration in September 2023.
He further stated that their intervention programmes, implemented across 11 primary and seven post-primary schools, had strengthened education and healthcare services.
