Business

RMAFC Tasks Oil Companies On Corporate Social Responsibility

Published

2 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

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

1 week ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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