RMAFC gives NUPRC 48 hours to dissolve host community trust

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has given the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) a 48-hour deadline to dissolve a Host Community Development Trust that has raised concerns over its constitution and representation of affected oil-producing communities. This directive came after an investigative hearing held by the RMAFC's Investment Monitoring Committee, which examined the operations of Sterling Oil Exploration and Energy Production Company and the implementation of the Host Community Development Trust provisions of the Petroleum Industry Act.

The RMAFC's Head of Information and Public Relations Unit, Maryam Umar-Yusuf, issued the statement, highlighting the commission's commitment to protecting the interests of oil-producing host communities and its dedication to strong oversight, transparency, and accountability in managing national revenue assets.

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