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New Nigeria Foundation Facilitates Onboarding Workshops for Board of Trustees of Three HCDTs in Delta and Edo States

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Newcross Petroleum Limited (NPL) engaged New Nigeria Foundation (NNF) to onboard Board of Trustees of three Host Communities Development Trusts (HCDTs) including NPL-Ethiope West-LG HCDT in Delta State and NPL-Orhionmwon-LG HCDT-I and NPL-Orhionmwon-LG HCDT-II in Edo State.  With the enactment of the Petroleum Industry Act (PIA), companies (settlors) are now required to take significant steps to benefit their host communities. Under the PIA, settlors must incorporate a Host Communities Development Trust (HCDT) and establish a Host Communities Development Trust Fund (Trust Fund) in the name of the incorporated HCDTs. Each settlor is mandated to contribute 3% of their operating expenditure from the previous financial year to the Trust Fund. In light of these new requirements, the NNF successfully onboarded Trustees of the HCDTs at two key events. The first onboarding session took place on Tuesday, 14th May 2024, at the Golden Tulip Hotel, located at Plot 109, Maryann Babangida Way, in Asaba, Delta State. The second session was held on Friday, 17th May 2024, at the Constantia Hotel & Suites, 24-26 Airport Road, Oka, in Benin City, Edo State. The onboarding sessions are a crucial step in ensuring the effective implementation of the PIA, fostering the development and empowerment of host communities across the region.

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NNF mobilizes resources from international development and UN Agencies, Nigeria private and public institutions, federal and state governments and other sources that may be available to undertake development activities.

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