RMAFC Investigates SEEPCO's Compliance with PIA

On August 6, 2026, Dr. Mohammed Bello Shehu, OFR, the Honorable Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), reaffirmed the Commission's commitment to protecting the interests of Nigeria's oil-producing host communities. This assurance was made during an investigative hearing of the Commission's Investment Monitoring Committee regarding Sterling Oil Exploration and Energy Production Company (SEEPCO) and the implementation of the Host Community Development Trust (HCDT) provisions of the Petroleum Industry Act (PIA).

Dr. Shehu emphasized the importance of oversight, transparency, and accountability in managing national revenue assets. Dr. Ekene Enefe, the Chairman of the Investment Monitoring Committee, led the session and expressed concerns over SEEPCO's failure to comply with statutory obligations.

He directed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to address issues surrounding the Host Community Development Trust, giving them 48 hours to dissolve it. The Commission aims to ensure that host communities receive the benefits guaranteed under the PIA.