Business
RMAFC Tasks Oil Companies On Corporate Social Responsibility

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)
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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