Business

RMAFC Tasks Oil Companies On Corporate Social Responsibility

Published

3 months ago

September 13, 2025

Joel Ajayi

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has charged oil compnies to show commitment towards the implementation of the corporate social responsibilities (CSR) to their host communities.

Chairman of the Commission, Dr. Mohammed Bello Shehu OFR gave the charge during a mediatery meeting between Sterling Oil Exploration & Energy Production Company (SEEPCO), Orient Petroleum and their host communities in Anambra state which was witnessed by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on Friday 12th September, 2025 at the headquarters of the Commission in Abuja.

Dr. M. B. Shehu emphasized that RMAFC was committed to ensuring that oil companies operating in Nigeria live up to their Corporate Social Responsibility (CSR) to host communities, in line with the provisions of the Petroleum Industry Act (PIA).

The Chairman who reminded everyone that the meeting was instituted as a result of allegation of neglect by host communities against the oil companies, gave the assurance that the Commission would be unbiased while discharging it’s duty as a mediator “This Commission will always stand for transparency and fairness. We expect oil companies to meet their obligations to the people in whose communities they operate,” he said.

In his remarks, the Chairman of the Investment Monitoring Committee (IMC) in the Commission, Hon. Ekene Enefe, who later presided over the meeting, expressed displeasure over SEEPCO’s performance in meeting community development expectations. He said, “Based on the facts before us with regard to CSR, what we see here is not satisfactory. SEEPCO still has a lot of jobs to do, and we would like to see real projects on the ground — roads, schools, hospitals, electricity, and jobs for the people in the host communities. This is the result we expect from the deductions made from operational costs.”

The IMC Chairman further directed SEEPCO to provide the Commission with audited reports of its 3% host community expenditure since the implementation of the PIA. He added that the Commission would carry out oversight visits to verify compliance. “We would like to tally the projects executed with the reported deductions. Our committee will not hesitate to exercise its oversight function to ensure that host communities benefit as the law demands,” Hon. Enefe stated.

Speaking on behalf of the host communities of Ogwu Ikpele and Ogwu Aniocha in Anambra State, leader of the delegation, Mr. Esumai Patrick lamented years of neglect and unfulfilled promises. He said, “Our people live without good roads, schools, or hospitals while companies drill oil on our land.” He further said, “We welcome investment, but what we ask is fairness. We want to see electricity, jobs for our youths, and real development projects that will touch lives in our communities.”

The representative of SEEPCO, Barr. Emmanuel Ajang assured the Commission that the company had begun the implementation of its Host Community Development Trust. He explained that identified projects would soon be executed in line with the provisions of the PIA.

Speeking, Engr. Ayke Akuwezumba, who represented Orient Petroleum, disclosed that the company had redirected its operations toward gas production through a partnership with Cottonwooden Gas Refinery. “We are channeling our resources to compressed natural gas (CNG) and liquefied petroleum gas (LPG) production, which will serve industries and households in the region. This is a sustainable plan with long-term benefits for the economy,” he said.

On the regulatory front, Mr. Enorense Amadasu, Executive Commissioner, Development and Production at NUPRC, assured that the regulator was closely monitoring the companies. “We are reconciling their metering systems and ensuring that statutory obligations to the Federation are met. Community development projects under the Host Community Trust are also being tracked to guarantee compliance,” he said.

Other RMAFC Commissioners present, including Hon. Hauwa Umar Aliyu (Jigawa State), Hon. Ntufam Eyo-Nsa (Cross River State), Hon. Abdulazeez Idris King (Kogi State), Hon. Desmond Akawor (Rivers State), Hon. Nathaniel Adojutelegan (Ondo State), Hon. Ibrahim Saad Bello (Plateau State), and Hon. Aruviere Egharhevwa ( Delta State) stressed the need for accurate reporting of crude production and proper accountability in community development.

Maryam Umar Yusuf, mnipr
Head, Information and Public Relations Unit
(RMAFC)

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Business

FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools

Published

5 days ago

November 25, 2025

The Gleamer

By Joel Ajayi

The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.

Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.

He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.

Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.

“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.

A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.

He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.

Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.

Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.

Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.

The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.

Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.

International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.

“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.

The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.

With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.

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