The KEFFESO Host Communities Development Trust (HCDT) has announced a revenue of N15.2 billion for the 2024 fiscal year, during its inaugural Annual General Meeting (AGM) held on Thursday in Yenagoa.
The finance report revealed that the trust received N15.6 billion in total income and spent N375.52 million, resulting in a surplus of N15.2 billion.
KEFFESO HCDT is supported by the joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and First Exploration and Petroleum Development Company, in line with the Petroleum Industry Act, which required oil companies to dedicate three per cent of annual operating costs to host community development.
At the meeting, Bayo Ojulari, NNPCL Group CEO, described the trust as a key platform for community-driven and sustainable development.
Represented by Mina Loveday, Ojulari stressed that accountability, proper documentation, and sustainability are central to KEFFESO HCDT’s success.
Speaking on behalf of First Exploration and Petroleum Development Company, Ademola Adeyemi-Bero, through representative Emmanuel Eteli, commended the trust’s achievements and highlighted the importance of collaboration between the joint venture and the host communities to ensure impactful development.
Moses Theophilus, Chairman of the Board of Trustees, described the AGM as an opportunity to promote transparency and engage stakeholders.
Since its inauguration in September 2023, KEFFESO HCDT has moved from planning to full operation, implementing programs in 11 primary and seven secondary schools, enhancing both educational and healthcare services in the communities.
The AGM, themed “Advancing Accountability and Sustainable Growth,” emphasized the role of the trust in fostering responsible community development and long-term impact.
