The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it will strengthen oversight to ensure oil-producing communities receive their due benefits under the law. Chairman of the Commission, Mohammed Shehu, gave the assurance during an investigative hearing into the operations of Sterling Oil Exploration and Energy Production Company and the……
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it will strengthen oversight to ensure oil-producing communities receive their due benefits under the law.
Chairman of the Commission, Mohammed Shehu, gave the assurance during an investigative hearing into the operations of Sterling Oil Exploration and Energy Production Company and the implementation of Host Community Development Trusts under the Petroleum Industry Act.
He said the exercise is part of efforts to enforce transparency and accountability in the management of oil revenues, adding that host communities must receive the full benefits provided by law.
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Chairman of the Committee, Ekene Enefe, raised concerns over SEEPCO’s failure to appear before the panel and warned that the Commission would not tolerate attempts to evade oversight.
He also directed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to address issues surrounding the Host Community Development Trust within 48 hours, while giving SEEPCO an ultimatum to meet its obligations to host communities.
But representatives of the host communities disputed the claim, alleging lack of proper consultation and inadequate development despite years of oil production.
The hearing is part of RMAFC’s broader push to ensure accountability in the petroleum sector and safeguard the interests of host communities.
