Olu of Warri, Ogiame Atuwatse 111, has called for awareness and critical information that will empower Nigerian citizens within the petroleum host communities with the knowledge required to access the robust benefits provided by the federal government under the Petroleum Industry Act 2021.
This was discussed at the maiden edition of the Iwereland Petroleum Host Communities Summit held in Delta state.
The one-day event aimed at discussing and educating host communities on the implementation of the Host Community Development Trusts in oil-producing Itsekiri communities under the Petroleum Industry Act (PIA), saw in attendance, key stakeholders of the oil and gas sector.
Speaking on the importance of the PIA to the host communities, the Olu of Warri said: “the PIA is essentially an instrument, designed to cure the appetites of individuals who have become used to appropriating the commonwealth to themselves or mismanaging the wealth to the detriment of the destiny of the people.”
According to him, the primary purpose of the PIA is to assist in any developmental purpose, deemed beneficial to the host communities, as may be determined by the board of Trustees; members of the boards must invest part of the available funds for and on behalf of the host communities.
“This crucial role demands an equilibrium of high performance and trustworthiness, as the parameters for effective operational excellence of the Boards. This is an engagement to promote awareness and enjoin the people, to participate actively and wisely in choosing their representation in the activation of this all-important act,” he said.
Also, the chief executive, Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, in his presentation titled; ‘the Implementation of the Host Communities’ Development Trusts In Oil-Producing Itsekiri Communities Under the Petroleum Industry Act, 2021’ said: “we are witnessing for the first time a concerted, deliberate and focused effort by a highly revered Monarch to create awareness and provide critical information that will empower Nigerian citizens within the host communities with the knowledge required to access the robust benefits provided by the federal government under the Petroleum Industry Act 2021.”
Komolafe stated that, “while the commission is prioritising efforts towards increasing oil and gas production and ensuring maximum economic recovery in Nigeria through the optimisation of oil and gas value chain, there have been challenges limiting the country from making the much-desired progress.”
He noted that, the enactment of the PIA has opened a new opportunity in the oil and gas industry with extensive provisions designed to foster sustainable prosperity of host communities and enhance peaceful and harmonious co-existence of oil companies with their host communities.
“As our commitment to you, we shall ensure that the three per cent deduction required from the Oil and Gas companies (Settlor) annual OPEX is not shortchanged and that funds are remitted in good time.
“We shall also ensure that projects and programmes proposed by the Host Communities Development Trust (HCDT) are implemented as well as ensure fair and adequate compensation for damaged environment and apply sanctions where necessary on defaulters,” he pointed out.
