From Seyi Tayese, Yenagoa
As a way of showing Transparency and Accountability amongst the beneficiary communities, the KEFFESO Host Communities Development Trust (KHCDT), says it has recorded significant progress in governance, financial oversight, infrastructure delivery and community development in 2025, with its project portfolio achieving 78 per cent execution.
While presenting the Board of Trustees’ report card at the Trust’s 2025 Annual General Meeting, on Friday 28,2026 at Mathocrystal Hotel in Yenagoa, Bayelsa State capital under the theme, “Stewardship Today, Transformation Tomorrow: Delivering Sustainable Value Through Transparency and Impact” the Secretary to the Board, Dr. Matthew Sele-Epri, said the Board strengthened oversight through regular meetings, committee reviews and monitoring of the Trust’s approved workplan and budget.
Reeling out the report card further said, “the Board provided strategic direction and exercised oversight through its meetings, committees and engagements with the Trust’s statutory and operational structures”.
According to him, the Board also strengthened the oversight functions of the Programs Oversight, Monitoring and Evaluation Committee; Advocacy, Communications, Partnership and Stakeholder Management Committee; and Finance, Accounts Audit and Risk Management Committee.
“The Trust made progress in procurement, recruitment, grievance management, stakeholder engagement, project delivery, health, safety and environmental standards, ethics, budgeting and financial management”.
The Secretary disclosed that Forvis Mazars was appointed as the Trust’s external auditor following a structured selection process, while the Trust completed its registration with the Financial Reporting Council of Nigeria.
He added that Vetiva Capital and FBNQuest were appointed to manage approved naira and dollar reserve investments under the continuing oversight of FAARC and the Board.
Sele-Epri said the Board was satisfied that the Management Committee and Secretariat operated substantially within the Trust’s approved mandate, work-plan and budget, although some areas required further improvement.
“Continuing governance, attention will be given to information flow, performance appraisal, early escalation of implementation risks, management reporting, timely delivery, prudent resource use, community participation and sustainability,” he said.
The Board subsequently endorsed the Management Implementation Report and audited financial statements for presentation to the AGM.
Trust Records Progress in Education, Health and Infrastructure
In his welcome address, Chairman of the Board of Trustees, HRH Moses Theophilus, said the year under review was marked by institutional consolidation and measurable progress across the eleven KEFFESO host communities.
He said the Trust supported 258 education, health and water-service personnel, profiled 229 persons living with disabilities to support inclusive programming, and enabled 40 young people to access opportunities under the Federal Government’s technical and vocational education initiative.
The Trust, he added, also facilitated scholarship, employment and contractor-registration opportunities through its relationships with industry stakeholders.
“Stewardship requires us to manage the Trust’s resources prudently, make decisions transparently and remain answerable to the communities whose aspirations we represent,” Theophilus said.
On infrastructure, the chairman disclosed that all four legacy concrete-road projects inherited from the GMoU framework had been completed.
He said five solar-powered industrial boreholes were delivered, water facilities in four communities maintained, while the wider project portfolio recorded a 78 per cent execution rate.
The 2025 community projects, he added, had progressed beyond procurement and contractor-selection stages, supported by standard project prototypes, joint inspections and improved documentation and were currently at different stages of construction
The chairman also acknowledged social investments by FIRST Exploration & Petroleum Development Company Limited, including its 2025 medical outreach, which he said reached 3,871 beneficiaries and distributed 916 pairs of eyeglasses.
He also highlighted the K-yan digital education initiative implemented in partnership with the Nigerian Content Development and Monitoring Board.
However, Theophilus acknowledged shortcomings in the Trust’s operations, including delays in procurement, contractor performance and health, safety and environmental compliance.
“Transparency demands that we speak honestly about the gaps. Procurement timelines were longer than anticipated; contractor performance and HSE compliance require firmer oversight; information flow across our organs must improve; and community expectations must be managed through earlier and more consistent engagement,” he said.
He said the Trust would respond by strengthening monitoring systems, clarifying institutional roles, improving contractor accountability, digitizing processes and developing sustainability plans for its projects and programmes.
The chairman said the Trust’s success should ultimately be measured not merely by the number of projects completed, but by whether those projects remained functional, improved lives and were sustained by the communities.
“Our measure of success must go beyond the number of projects commissioned. We must ask whether our investments remain functional, whether they improve lives, whether communities take ownership and whether the benefits can be sustained for future generations,” Theophilus said.
He thanked FIRST E&P, NNPCL Exploration & Production Limited, the Nigerian Upstream Petroleum Regulatory Commission, community leaders, women, youths, persons with disabilities, development partners and other stakeholders for their support and participation.
In his goodwill message, the Managing Director and Chief Executive Officer (CEO) First Exploration and Petroleum Development Company Limited (FIRST E&P), Ademola Adeyemi-Bero said, the theme for year 2025 annual general meeting caputures a fundamental truth about development.
Ademola who was represented by Vanessa Osagie Senior Corporate Executive of First E&P said, lasting transformation is built on responsible stewardship, strong governance and a shared commitment to Accountability.
“The annual general meeting therefore provides an important opportunity not only to review performance and reflect on progress, but also to reaffirm the principles that will continue to guide the Trust’s growth and impact in the years ahead.
“At First E&P, we are encouraged by the progress made by KHCDT in strengthening it’s institutional foundations and advancing it’s mandate under the Petroleum Industry Act Host Communities frame work. Over the years, the Trust has continued to build its governance and compliance structures, strengthen financial stewardship, invest in capacity development and advance projects and programmes designed to improve the well-being of the KEFFESO communities”.
KEFFESO stands for Koluama, Ezetu, Foropa, Fish Town, Ekeni, Sangana and Opu-Okumbiri/Okumbiribeleu/Oginibiri. It is the Host Community Development Trust of the NNPC Limited/FIRST Exploration & Petroleum Development Company (FIRST E&P) Joint Venture, operator of PML 53 &54
