News

PIA: Oil Companies Owing Host Communities N1tn, Says HOSTCOM

Published

2 years ago

November 18, 2023

Editor

The Host Communities Producing Oil and Gas has expressed concern that two years after the Petroleum Industry Act 2021 took effect, host communities in the Niger Delta had not started receiving benefits from the three per cent of oil companies’ operational cost prescribed by the law.

The National President, HOSTCOM, Benjamin Tamaramiebi, said this during a press briefing in Yenagoa, Bayelsa State capital, while reacting to some media reports suggesting that host communities were against the Nigerian Upstream Petroleum Regulatory Commission getting involved in the day-to-day management of the trust fund.

Former President Muhammadu Buhari signed the Petroleum Industry Bill into law in August 2021.

The PIA provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

The host community trust fund created by the PIA was meant to be administered by the oil and gas companies in collaboration with the host communities.

Tamaramiebi lamented that oil firms operating in the Niger Delta had not remitted three per cent of their annual production costs to the trust fund as prescribed by the law.

He claimed that the accumulated unremitted three per cent had amounted to N1 trillion.

He said, “It is sad to say that after two years of the enactment of the PIA in 2021, the operating companies failed to provide the meagre three per cent of their annual production cost to the host communities.

“What is the fate of the communities at the moment? From my assessment, from 2021 till date, over N1 trillion, if converted from $500 per year, which is about $1 billion, is owed to the host community development trust fund.

“This is what is supposed to come into the host community development. But that has been denied the communities.”

Tamaramiebi complained that all global Memorandum of Understanding and the MoU that the oil firms used to sign with host communities through cluster development boards had been suspended and attention shifted to the PIA.

“But because of the PIA, the GMoUs and MoUs were suspended. The companies were using these documents for the development of host communities by grouping communities into clusters of development boards.

“With these, they were given the communities peanuts for cluster projects. With the signing of the PIB into law, all such were suspended and they were asked to implement the provisions of the law,” he said.

The HOSTCOM leader, however, explained that the NUPRC was not involved in the management of the host community development trust fund, stressing that the commission’s involvement was in regulatory.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

3 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

5 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.