Warri — The association of oil and gas Host Communities of Nigeria (HOSTCON) has decried insinuations in certain quarters that its members are incapable of successfully managing the huge funds from the 10 per cent oil equity recently granted to oil and gas bearing communities in the Niger-Delta.

The modalities for managing the 10 per cent equity funds, which has been widely acclaimed as a further courageous step by the Federal Government to make good the promise by President Umaru Yar'Adua to accelerate the overall development of the oil-rich region, has however been a source of contention and endless debate.

HOTSCON's National Public Relations Officer, Dr. Mike Emuh, maintained that the host communities were capable of organising themselves in such a way that the accruing funds from the 10 per cent Equity Funds would be optimally utilised to raise the bar for industrial and socio-economic development of the areas concerned.

Emuh's views may not be unrelated to the observation by the Delta State Governor, Dr. Emmanuel Uduaghan, that he considered the management of the said funds by an independent, foreign financial concern more realistic and beneficial to the host communities.

The governor, apparently skeptical about allowing the HOSTCON body control of such enormous funds especially in the light of the many headaches he had received in connection with stateís oil producing areas intervention agency, DESOPADEC, said in a recent interview that he would not want the state or local governments to manage the funds either.

"We have asked that the 10 per cent equity, the structure of the communities as well as the management of the Fund be included in the PIB (Petroleum Industry Bill).

On the management of the 10 per cent equity, we are saying donít give it directly to the state or local government, but create a trust fund and get international fund managers to manage it because of its size. Uduaghan was quoted by a national daily as saying in an interview.

These managers, we expect, would put the money to good use so it can yield interest. It is the interest from the investment of this money that can now be given to the communitiesî, the Governor further contended.

However, the HOSTCON national spokesman warned that the seeming attempt in some quarters to somehow manipulate the management of the expected huge funds could spark off another round of crisis in the oil producing areas of the Niger-Delta, which the Federal Governmentís amnesty last year has helped to douse.

Emuh indicated that the move to come between the host communities and the 10 per cent Oil Equity Fund was suspect and might well be a ploy by certain politicians to corner a large chunk of the money.

Statements on the matter like Uduaghanís are ìa threat to national development and a call for more trouble in the Niger-Delta regionî, he contended, calling for urgent deliberation on the matter by the National Assembly, with a view to including it in Petroleum Industry Bill (PIB) as a national policy.

Emuh however assured that HOSTCON being ìthe parent body of the genuinely repentant Niger-Delta freedom fightersî would continue to remain patriotic and committed to her goals of carrying along all stakeholders, including the traditional rulers, professionals and the academia in its ìefforts to reposition and bring about rapid infrastructural development of the regionî.

The HOSTCON spokesman, who said the group was committed to the development of the region, disclosed that HOSTCON was in regular discussion with relevant agencies like the Niger-Delta Development Commission (NDDC), called on the Federal Government to hasten the approval of the proposed Pipeline Surveillance Task Force in order to checkmate oil bunkering and pipeline vandalism as well as to guaranty the employment of youths in the region.

He also urged the Niger Delta Ministry to expedite action on implementation of ìall the agreements reached at its last meeting with host communities, which was attended by the Minister, Chief Ufot Ekaette, the Minister-of-State, Godsday Orubebe and foreign investors; and which included the establishment of nine industries and 12 modular refineries at the cost of the five billion dollars.