By NATHAN NWAKAMMA

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 to earn a balance of N15.2 billion.

The News Agency of Nigeria (NAN) reports that 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 company’s common goal.

Ojulari said that the development trust was a platform used to drive community-led, participatory and sustainable development projects.

Represented by Mina Loveday of NNPCL Upstream Investment Management Services, the chief executive officer said HCDT’s success was defined by the principles of accountability, documentation and sustainability.

“As we take this first step together, let us do so with a shared sense of responsibility and purpose. Let us put aside divisions and work together to build a greater future.

Also speaking, Ademola Adeyemi-Bero, the Managing Director, First Exploration and Petroleum Development Company, commended the HCDT f’r 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, the Chairman, Board of Trustees 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 said that their intervention programmes across 11 primary and seven post primary schools had strengthened education and healthcare services. (NAN)