The KEFFESO Host Communities Development Trust (KEFFESO HCDT) in Bayelsa State has announced a revenue of N15.259 billion for the 2024 fiscal year at its maiden Annual General Meeting (AGM) held in Yenagoa on Thursday.
Funded by the Nigerian National Petroleum Company Limited (NNPCL)/First Exploration and Petroleum Development Company (First E&P) Joint Venture, the Trust was established in line with the Petroleum Industry Act (PIA), which mandates oil companies to contribute three per cent of their annual operating expenses for the development of host communities.
At the AGM themed “Advancing Accountability and Sustainable Growth,” the Finance, Audit, Accounts and Risk Committee reported a total income of N15.635 billion, expenditure of N375.529 million, and a balance of N15.259 billion for the period under review.
In his remarks, NNPCL Group Chief Executive Officer, Bayo Ojulari, described the KEFFESO HCDT as “the cornerstone of our common goal,” emphasizing that the initiative ensures community-led, participatory, and sustainable development.
Ojulari, represented by Mina Loveday of NNPCL Upstream Investment Management Services, highlighted three guiding principles — accountability, documentation, and sustainability — as the pillars driving the Trust’s success. He urged members to foster unity and shared responsibility, noting that collective effort would enable the communities to thrive.
Also speaking, the Managing Director of First E&P, Ademola Adeyemi-Bero, represented by Emmanuel Eteli, commended the HCDT for its impactful work and commitment to sustainable growth.
“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 what is possible when communities lead their development agenda with dedication and integrity,” he said.
Chairman of the Board of Trustees, King Moses Theophilus, described the AGM as a platform to promote transparency, accountability, and continuous stakeholder engagement. He noted that since its inauguration in September 2023, the Trust has fully transitioned from conceptualisation to operationalisation.
Theophilus highlighted intervention programmes in education and healthcare across the Trust’s host communities, including support for 11 primary and seven secondary schools, as well as improvements in health facilities and road infrastructure.
KEFFESO represents oil-bearing communities in Brass and Southern Ijaw Local Government Areas of Bayelsa State, hosts to First E&P’s operations in Oil Mining Leases (OMLs) 83 and 85, located off the Atlantic coastline.
