Oil and Gas

From Adanna Nnamani, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Said it has registered 172 Host Communities Development Trusts (HCDTs) as part of efforts to promote peace, development and increased oil production in host communities.

NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, made this known when the leadership of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) visited the Commission in Abuja.

According to a statement by Eniola Akinkuotu, the Commission’s Spokesperson, Eyesan said the NUPRC had been enforcing the provisions of the Petroleum Industry Act (PIA), particularly those relating to host communities and the obligations of oil and gas companies operating in the country.

“We have laid out procedures for doing things and we have put regulations in place to streamline the process. So far, we have registered 172 HCDTs and we have been able to manage contributions by settlors,” she said.

Under the PIA, oil and gas companies, otherwise known as settlors, are required to contribute three per cent of their operating expenditure (OPEX) of the preceding financial year to a Host Communities Trust Fund for the benefit of their host communities.

According to Eyesan, the HCDTs had funded the construction of schools, hospitals and other infrastructure, contributing significantly to peace and stability in communities that were previously volatile.

She said the development had also contributed to increased oil production.

Eyesan, however, acknowledged that some of the HCDTs had become subjects of litigation due to disagreements over the constitution of their Boards of Trustees.

She said the NUPRC had been working to ensure that the trusts operate smoothly in the interest of the country.

She added that the Commission’s Alternative Dispute Resolution Centre had played a pivotal role in addressing some of the grievances.

The NUPRC boss also clarified that oversight of how the funds are managed remained the exclusive preserve of the Commission.

She, however, promised to investigate the lingering disagreement between Sterling Oil Exploration and Energy Production Company (SEEPCO) and its host community in Anambra State.

Earlier, the Chairman of RMAFC, Dr. Mohammed Shehu, commended the NUPRC for overseeing reforms in the oil and gas sector, which he said had contributed to growth in production.

Shehu noted that the upstream oil and gas sector was important to RMAFC because it accounts for a large volume of what goes into the Federation Account.

He called for stronger collaboration between the two institutions in the interest of the country.

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From Adanna Nnamani, Abuja

Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026, bringing the country closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN).

The July inflow represents the highest monthly remittance recorded through formal channels and pushed total IMTO inflows in the first seven months of 2026 to $3.8 billion.

The figure is 50.2 per cent higher than the amount recorded during the corresponding period in 2025, indicating a significant increase in remittances coming through formal channels.

Commenting on the development, CBN Governor, Olayemi Cardoso, said the latest figures showed that the target set nearly two years ago was now within sight.

“When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At US$947 million in July, we are now approaching that milestone,” Cardoso said.

The increase follows a series of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.

The reforms include the move towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The CBN has also strengthened its engagement with IMTOs, banks and Nigerian diaspora communities, while recently requiring remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

According to the apex bank, the growth in formal remittance inflows goes beyond the headline figures, as increased diaspora funds boost foreign exchange liquidity and transparency, while supporting households and investment.

The CBN said the development also strengthens the country’s external financing position and reflects the growing impact of reforms targeted at formalising remittance flows.

Cardoso said the bank would continue to deepen engagement with Nigerian diaspora communities and financial sector partners across key remittance corridors.

He said the CBN would leverage engagements in major global financial centres to work with diaspora communities, IMTOs, banks and other stakeholders to reduce bottlenecks and encourage more remittance flows through formal channels.

“July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion,” the CBN governor added.

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