EXCLUSIVE: PIA: NUPRC Appoints Anchoria Asset Management, 29 Others As Managers Of Host Communities Development Fund

The Nigerian Upstream Petroleum Regulatory Commission has appointed Anchoria Asset Management, and 29 other companies as the Fund Managers of the Host Communities Development Fund, THE WHISTLER can authoritatively report.

The move is in line with the provisions of the Petroleum Industry Act which was signed into law in 2021 by former President Muhammadu Buhari.

The names of the 30 Fund Managers approved by the NUPRC was exclusively obtained by THE WHISTLER on Thursday.

Apart from Anchoria Asset Management, the companies on the list are Quantum Zenith Capital; United Capital PLC; Chapel Hill Denham Securities Limited; Afrinvest Asset Management Limited; Fbnquest Asset Management Limited; Greenwich Asset Management Limited; FCMB Asset Management Limited; Leadway Asset Management Limited; Planet Cap Asset Management Limited; PAC Asset Management Limited and Capital Field Asset Management Company Limited.

There is also Sigma Securities Limited; Meristem Wealth Management Limited; Vetiva Fund Managers Limited; Cedrus Group Africa; Apel Capital and Trust Limited; ARM Investment Managers Limited; Cordros Asset Management Limited; Coronation Asset Managers; Adino Asset Managers; First Ally Asset Management Limited and Alpha Morgan Capital Managers Limited.

The rest are DC Asset Management Limited; FSL Asset Management Limited; Norrenberger Investments;
Cowry Asset Management Limited; Stanbic IBTC Asset Management Limited; Ava Global Asset Management Limited and Trustbanc Asset Management Limited

Anchoria Asset Management is incorporated by the Corporate Affairs Commission (CAC) and licensed by the Securities and Exchange Commission (SEC) as a Funds/Portfolio Manager.

It’s focus is on wealth creation and preservation for retail & High Net worth Individuals clients and institutional investors.

Some of its products include Fixed Term Investment Products, Mutual Funds, Structured Products, Fixed Income Trading, Wealth Management and Investment Advisory.

To ensure a profitable investment experience for its clients, the Company leverage comprehensive strategies and research-driven resources and is committed to delivering beyond expectation at all times.

The NUPRC as one of its statutory functions, is saddled with the responsibility of administering smooth implementation of the Host Communities Development Trust (HCDT) in line with provisions of Section 235 of the Petroleum Industry Act (PIA 2021).

The Act sets out the operational framework for the registration of a Host Communities Development Trust to include timelines for application approval preliminary matters for incorporation of a Trust, Requirements for approvals; submission of applications: review of applications, incorporation at the Corporate Affairs Commission (CAC) and post-incorporation obligations.

In line with this statutory obligation and industry best practices globally, the NUPRC in collaboration with the relevant stakeholders, had developed a robust implementation template for the Trust, to positively impact against restiveness in the host communities and in the process, guarantee seamless operations, boost investors’ confidence and provide enabling environment for sustainable development of the country’s hydrocarbon resources. ”

THE WHISTLER reports that the essence of the Host Communities Trust Fund is to address the development needs of impacted communities in the oil-producing areas.

The Petroleum Industry Act has placed huge responsibilities on the Host Communities in terms of safeguarding the nation’s crude oil assets.

The PIA’s provisions ensure that the host communities receive direct social and economic benefits from petroleum operations.

The Act established the Host Community Trust Fund, which, for the first time in Nigeria, provides a legal framework for the Nigerian Oil and Gas Corporate Social Responsibility (CSR), with three per cent of the previous year’s Operating Expenditures designated for the development of the Host Communities.

The Trust Fund is being administered by residents of the host communities who will serve on the board of trustees, management committees, and advisory groups.

The Host Community Trust Fund will also provide communities control over the development of their territories without external interference.