News
New PIB: Oil Firms Get Powers Over Host Communities’ Mgt
The new Petroleum Industry Bill (PIB) is seeking to give enormous powers to oil and gas firms operating in the country in the setting up of the proposed host communities development trust, appoint key members of the trust, determine its membership and criteria for their appointment.
In the bill currently before the National Assembly, the oil and gas firms are also to be empowered to suspend or remove members of the Board of Trustees to be set up for the host communities development trust, determine procedures for their meetings and provide regulations guiding their finances, among others.
According to the bill, the objectives of the host communities’ development trust included to finance and execute projects for the benefit and sustainable development of the host communities; undertake infrastructural development of the host communities within the scope of funds available to the Board of Trustees for such purposes; and facilitate economic empowerment opportunities in the host communities among others.
The PIB also requires that a fund, called the ‘host community development trust fund’, be set up, where the settler, also called the oil and gas firm, would contribute annually, an amount equal to 2.5 per cent of its actual operating expenditure in the immediately preceding calendar year in respect of all petroleum operations affecting the host communities for which the applicable host community development trust was established.
The new PIB is seeking to empower oil and gas firms, also called ‘settlers’ in the bill, to incorporate the trust for the benefit of the host communities for which the settler is responsible and also appoint and authorise a body trustees, to be called the ‘Board of Trustees’.
The Board of Trustees, according to the PIB, shall apply to be registered by the Corporate Affairs Commission as a corporate body under the Companies and Allied Matters Act, while its constitution shall contain provisions requiring the settler to determine the Board’s membership and the criteria for their appointment.
However, it added that the membership of the Board of Trustees of the host communities’ development trust shall be subject to the approval of the Nigerian Upstream Regulatory Commission or the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as the case may be.
“The settler shall, in the determination of membership of the Board of Trustees, include persons of high integrity and professional standing, who may not necessarily come from any of the host communities,” the bill said.
The bill further stipulates that the settler shall determine the selection process, procedure for meeting, financial regulations and administrative procedures of the Board of Trustees; the remuneration, discipline, qualification, disqualification, suspension and removal of members of the Board of Trustees; and other matters other than those relating to the operation and activities of the Board of Trustees.
However, it noted that the Commission or the Authority, as the case may be, shall make regulations on the administration, guide and safeguard the utilisation of the trust fund; and have the oversight responsibility for ensuring that the projects proposed by the board of trustees are implemented.
It said: “Each member of the Board of Trustees shall serve a term of four years in the first instance and may be reappointed for another term of four years and no more. The Board of Trustees shall have a secretary, who shall be appointed by the settler to keep the books of the Board.”
Highlighting the duties and functions of the Board of Trustees, the PIB is also proposing that the Board of Trustees shall be responsible for the general management of the host communities’ development trust.
It stated that the Board of Trustees shall be responsible for: “determining the criteria, process and proportion of the host communities’ development trust fund to be allotted to specific development programs; approving the projects for which the host communities development trust fund shall be utilised.
“Providing general oversight of the projects for which the host communities development trust fund shall be utilised; approving the appointment of fund managers for purposes of managing the reserve fund; set up the management committee of the host communities development trust and appoint its members; and determining the allocation of funds to host communities based on the matrix provided by the settler.”
News
PDP Opobo/Nkoro Hails Fubara On Peace, Projects
Stakeholders of Peoples Democratic Party (PDP) in Opobo/ Nkoro Local Government Area of Rivers State have commended the state Governor, Sir Siminalayi Fubara for his disposition that has fostered peace in the State.
Rising from an expanded stakeholders meeting last Saturday in Opobo Town, the body in an eight-point communique signed by its Chairman, Hon. Benneth Daminabo, Chairman of Council, Rt. Hon. Enyiada Cookey-Gam and LG party Chairman, Warisenibo Godwin Pepple commended the governor for linking Opobo/Nkoro LGA to the national grid.
In addition, it lauded the effort of the governor in pursuing the 50.15 kilometre Dual Carriage Ring Road, Elelenwo internal road, Aleto-Ebubu-Eteo Road in Eleme and Andoni Road projects.
Despite the distractions, the stakeholders said they were impressed that the governor had equally done projects in health-the unveiling of Prof. Kelsey Harrison Hospital, Agric projects at Tai and Oyigbo and improving welfare of civil servants.
In their words, “members reaffirmed their unalloyed loyalty and implicit confidence in his administration.”
Condemning the unfriendly and discourteous utterances of Senate President, Godswill Akpabio and Tony Okocha in different fora in the State, the forum urged the duo to desist from such action in order not to heat up the polity.
The forum pledged to stand by the governor through, “thick and thin”, the stakeholders acknowledged the contributions of women, who through prayers for the government has impacted positively in the direction and posture of the governor.
Finally, the forum unanimously expressed gratitude to the Simplified Movement and other bodies that have thrown their weight behind the governor to ensure that the administration is stable and successful.
By: Kevin Nengia
News
‘Rivers People Are Now Breathing Fresh Air Under Fubara’
Aformer Caretaker Committee Chairman of Abua/Odual Local Government Council of Rivers State, Hon Elamo Arogu, says under Governor Siminalayi Fubara, the people of the State are now breathing fresh air.
Hon Arogu said Governor Fubara has given Rivers people hope, considering the impactful and people-oriented projects being carried out by his administration.
The former CTC chairman made the assertion during the Simplified Movement’s thanksgiving service and rally held in honour of Rivers State chief executive last Friday in Abua .
Arogu said under Governor Fubara, the Abua/Odual people have the confidence that the dividends of democracy will definitely get to them.
He noted that the Governor has the strong will to change the narrative in Rivers State, being the reason he is receiving massive support across the State.
“The people of Abua/Odual are strongly behind him. Our doors ate open for everyone because there is government in place to attend to the needs of the people. I believe that he will develop Abua/Odual and other Rivers council areas, hence, the massive support. This government is business- oriented and we are ready to encourage him succeed and invest in our land. The issue of a bank; road networks and other necessities of life bordering on development as demanded by the people will be considered by Governor Fubara”, he said.
He called on the opposition to team up with Governor Fubara to build a stronger, united and viable Rivers State.
He maintained that ward nine under his leadership is Simplified.
News
Rivers State University Cooperative Society Elects New Leaders
The United Port Harcourt Peoples Cooperative Investment & Credit Society Limited, Rivers State University, Port Harcourt, has elected new leaders to pilot the affairs of the cooperative for the next two years.
They are Pastor Dr. Barine Aeba (President); Dr. Gift N. Nkweke (Vice-President), Dr. Kenneth Chima Adiele (General Secretary), Victor G. Banigo (Assistant General Secretary),
Rose Yeyeda Nwosu (Treasurer), Adaku Nwogu (Financial Secretary) and Stella Ereba (Public Relations Officer).
Inaugurating the new Management Committee after a keenly contested election held recently at the University Amphitheatre, the Director of Cooperatives in Rivers State, Dr. Elizabeth Chidi-Wike, congratulated the seven-member Executive for emerging winners at the election, charging them to uphold the bye laws of the Cooperative Society and hold regular congress meetings.
Dr. Chidi-Wike used the forum to commend the outgone Management Committee for reviving the Cooperative and placing it on an enviable pedestrial.
In her remarks, the Acting Registrar of the University, Mrs. Ibimonia Sotonye Harry applauded Cooperative members for keeping faith with the Cooperative Society, stressing that the goal of the society in helping members save for retirement cannot be over emphasised.
In his valedictory speech, the outgone President, Dr. Mie-Idala Jones Amachree expressed gratitude to God for the successful completion of his four-year tenure, thanking his fellow Management Committee members who gave him the needed support that transformed the Cooperative Society.
In his acceptance address, the President, Pastor (Dr.) Barine Aeba thanked the university management for providing the enabling environment for the peaceful conduct of the election, pledging that he will fulfill all his campaign promises.
A total of 165 Cooperative members participated in the electoral exercise which was conducted by an Electoral Committee led by Engr. (Dr.) Joseph D. Enoch.
-
Opinion3 days ago
Nigeria: Revisiting The Restructuring Issue
-
Rivers3 days ago
Commissioner Tasks Firms, Host Communities On Peace
-
Sports1 day ago
‘Belief Has Returned To Germany Ahead Euro 2024’
-
Editorial1 day ago
That Kyari’s Promise On PH Refinery
-
Oil & Energy3 days ago
Offer Incentives To Boost Oil, Gas Production, Academy Tells FG
-
News3 days ago
PDP Leader Assures Fubara Of Support
-
Nation3 days ago
Catholic General Assembly Expresses Concern Over Growing Insecurity In Taraba
-
News1 day ago
FG Threatens To Arrest Gumi Over Reckless Comments On Security