RMAFC Cracks Down on SEEPCO Over Oil Revenue Oversight

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has vowed to strengthen oversight of oil-producing communities, ensuring they receive their rightful benefits under the law. Chairman Mohammed Shehu made this assurance during an investigative hearing into Sterling Oil Exploration and Energy Production Company's operations and the implementation of Host Community Development Trusts under the Petroleum Industry Act.

The hearing is part of RMAFC's broader effort to enforce transparency and accountability in oil revenue management, guaranteeing host communities receive their full benefits as provided by law. Chairman Ekene Enefe expressed concerns over SEEPCO's failure to appear before the panel, warning that the Commission would not tolerate attempts to evade oversight.

The representatives of the host communities disputed claims of proper consultation and adequate development, despite years of oil production in their areas. The hearing is ongoing, with RMAFC pushing for accountability in the petroleum sector and safeguarding the interests of host communities.