PIB Proposes 2. 5% Fund for Host Communities Emmanuel Addeh in Abuja The Petroleum Industry Bill (PIB) has proposed that the host communities will receive 2.5 per cent fund on the basis of the oil companies’ actual operating expenditure for the preceding year.
The previous versions of the PIB that were not passed had provided for the creation of Petroleum Host Communities Fund (PHCF) into which the companies will contribute 10 per cent of their operating expenses. If the reform bill currently
before the National Assembly sails through in its current form, the federal government will have the powers to revoke licences held by oil companies which fail to incorporate a development trust fund for their host oil communities The section of the bill
dealing with the rights of host communities also indicated that the review had become necessary to foster sustainable prosperity within host communities and provide direct social and economic benefits from petroleum operations to the communities.
In addition, it stated that the move would enhance peaceful and harmonious co-existence between licensees or lessees and host communities and create a framework to support their development. However, the trust fund to be created will be regulated
by “The Commission and Authority” which will also be established by the bill on the “administration, guide and safeguard the utilisation of the trust fund and have the oversight responsibility Continued on page10
Fidelity Bank Board Appoints Obih, Opara as Directors...Page 8 Monday 5 October, 2020 Vol 25. No 9310. Price: N250
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Presidency: Buhari will Not Succumb to Threat, Undue Pressure over Restructuring Claims enemies of Nigeria sponsoring discord ACF recants, calls for referendum on Nigeria’s future APC has not abandoned restructuring, says Fayemi Deji Elumoye, Omololu Ogunmade in Abuja and John Shiklam in Kaduna The presidency in a veiled reference to renewed agitations for restructuring of Nigeria yesterday said the President Muhammadu Buhari administration would not be intimidated into making any hasty decision over the matter, claiming that the country's enemies were
actively sponsoring discord in the polity. There have been renewed agitations for the country to be restructured to avoid its break-up, with the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, joining the fray at the weekend. But the presidency in two Continued on page10
IG Bars FSARS from Routine Patrols Osinbajo praises ban
Kingsley Nwezeh in Abuja After defying the earlier directives by former Inspector General of Police (IG), Mr. Ibrahim Idris, the operatives of the Federal Special AntiRobbery Squad (FSARS) and other police tactical squads have again been barred by the IG, Mr. Mohammed Adamu, from routine patrols, wearing mufti and engaging in stop-
and-search. The latest directive followed the extra-judicial executions, intimidation and general abuse of the rights of citizens by the operatives of the FSARS. A citizen-led twitter campaign tagged: "End SARS" was launched against the killings and arbitrary arrests by FSARS personnel and had Continued on page10
GETTING SET FOR ONDO... Chairman, Independent National Electoral Commission, Prof. Mahmood Yakubu (left), and Electoral Officer, Ifedore Local Government Area, Mrs. Heritage Gbobo, during the inspection of non-sensitive materials ahead of next Saturday’s Ondo State governorship election in Ifedore…weekend
We’re United behind Jegede, Say PDP Govs...Page 5