Composition of the Board of Trustees

The Board of Trustees (BOT) shall consist of the following;

  • Chairperson to be appointed by the president on the recommendation of the Minister
  • Minister of State for Environment
  • Minister of Finance
  • Minister of State for Petroleum Resources and Chairman of the board of the Nigerian National Petroleum Corporation
  • Two representatives from Ogoniland
  • Three participating International/Contributing Oil Companies (Shell, AGIP, and Total)
  • One representative of other communities in the Niger Delta
  • One representative of the Non-Governmental Organisations (NGOs) that are active in environmental matters
  • One representative of the United Nations Environmental Programme (UNEP) as an observer

Functions of the Board of the Board of Trustee (BOT)

The functions of the Board of Trustee are;

  • Carry out financial oversight that ensures that the use of financial controls and that funds are prudently utilized in accordance with established financial policies related to HYPREP
  • Liaise with and manage the disbursement of the funds gifts, grants-in-aid from national, bilateral and multinational organisations, agencies and bodies, including Fund Contributors and Participating Entities, for any approved project related to an established Trust Fund.
  • Release funds to the PCO as approved by the HYPREP Governing Council.
  • Carry out internal and external financial audit of allowance and disbursed funds
  • Ensure that funds are timely made available for the implementation of the of activities as may be approved by the HYPREP Governing Council
  • Execute an escrow agreement with an Escrow Bank approved unanimously by the Board of Trustees
  • Ensure that the PCO prepares a funding schedule for each Calendar Year at least prior to 30th September of the previous Calendar Year and each Funding Schedule shall set out the estimated cash requirements of HYPREP, for each quarter of the Calendar Year to which it relates, for the project execution based on the annual budget approved by the Governing Council.