SunTrust Atlantic Energies Limited, in collaboration with its Joint Venture (JV) Partner (“SunTrust Atlantic”), is pleased to announce the successful inauguration and unveiling ceremony of the Host Community Development Trust- UMUSADEGE/UMUSAM/OGBEANI-HCDT

The unveiling ceremony took place on April 16, 2025, and was graced by key stakeholders, including representatives from all the host communities, the JV partner, the State Government, and regulatory authorities.

This milestone reflects SunTrust Atlantic’s commitment to the principles of the Petroleum Industry Act (PIA) 2021, which mandates the establishment of Host Community Development Trusts aimed at fostering sustainable development and ensuring lasting benefits for oil-producing communities.

The Petroleum Industry Act 2021

The Petroleum Industry Act, enacted on August 16, 2021, mandated Settlors/Operators to establish Host Community Development Trusts (HCDT) within 12 months. The PIA is enacted to provide legal, governance, the regulatory, and fiscal framework for the oil and gas industry. Its provisions are designed to support the development of host communities and manage other related matters in the upstream, midstream and downstream sectors of the petroleum industry.

Host Community Development Trust (HCDT)

The HCDT is a legal entity incorporated by the Settlor for the benefit of the host communities. The trust will be funded by the settlor (IOCs) and the funds are to be used for development projects according to a Community Development Plan developed in collaboration with the communities. The HCDT will be managed by a Board of Trustees appointed by settlors in consultation with communities.

With the incorporation and formal establishment of the UMUSADEGE/UMUSAM/OGBEANI Host Community Development Trust (HCDT) and the inauguration of its Board of Trustees, SunTrust Atlantic has once again reaffirmed its commitment to fostering a harmonious and mutually beneficial relationship with its host communities.

During the inauguration ceremony, SunTrust Atlantic called on all stakeholders to dedicate themselves to the success and sustainability of the HCDT, emphasizing the importance of collaboration and shared responsibility in driving community development and long-term prosperity.