The Home of Representatives has directed its committees on midstream and downstream petroleum sectors to research the circumstances surrounding the stalled $35 million modular refinery undertaking in Brass, Bayelsa State, which was financed by the Nigerian Content material Growth and Monitoring Board (NCDMB).
The decision was handed throughout Wednesday’s plenary session following the adoption of a movement of pressing public significance moved by Hon. Billy Osawaru from Edo State.
The lawmaker famous that in 2020, the NCDMB invested $35 million in Atlantic Worldwide Refinery and Petrochemical Restricted with the purpose of building a 2,000-barrel-per-day modular refinery to advertise native refining capability and create jobs within the Niger Delta.
Osawaru stated that regardless of the numerous public funding, the undertaking web site stays undeveloped.
“Nothing is on the bottom to indicate that massive monetary commitments had been made,” he informed the chamber, describing the state of affairs as “a thriller that borders on financial sabotage.”
He recalled {that a} committee of the Home had beforehand sought to uncover what occurred to the funds however that no tangible progress had been reported. The lawmaker stated the continued inactivity of the undertaking raises issues in regards to the administration of public sources and the adequacy of oversight within the oil and gasoline sector.
Contributing to the controversy, Minority Chief Kingsley Chinda stated the difficulty displays a wider sample of monetary mismanagement that undermines nationwide growth.
“Nigeria shouldn’t be a rustic that consumes each revenue and funding,” he stated, including that the petroleum sector stays central to the nation’s financial stability.
Chinda urged the Home committees to “do thorough work” to ascertain accountability for the failed undertaking and make sure that these accountable are recognized.
Deputy Speaker Benjamin Kalu, who presided over the session, known as for a voice vote, after which the movement was unanimously adopted. The Home subsequently mandated the related committees to begin an in depth probe into the standing of the refinery and report again with findings and suggestions.
The probe comes amid ongoing authorized proceedings linked to the identical undertaking. In December 2024, the Federal Excessive Court docket in Abuja remanded Dr. Akintoye Akindele, Chief Government Officer of Duport Midstream Firm Restricted, following expenses filed by the Financial and Monetary Crimes Fee (EFCC).
Akindele was accused of accumulating the $35 million funding from the NCDMB for the development of the Brass refinery by way of the account of Atlantic Worldwide Refinery and Petrochemical Restricted, however allegedly diverted the funds by way of different corporations and bureau de change operators.
The EFCC alleged that the transaction violated the phrases of the funding and constituted cash laundering and contract fraud. The matter stays below investigation by the anti-graft company, even because the Home begins its personal inquiry into using public funds for the undertaking.
Lawmakers say the investigation will check Nigeria’s dedication to transparency and the sensible enforcement of its native content material and anti-corruption insurance policies within the oil and gasoline trade.
