Reps probe $35m abandoned modular refinery in Bayelsa
The House of Representatives has resolved to investigate the $35 million invested into the proposed Atlantic International Refinery and Petrochemical Limited, a modular refinery to be located in Brass, Bayelsa State, which it said was never established.
The House reached this resolution during plenary on Wednesday after considering a motion of urgent importance sponsored by Billy Osawuru, member representing Orhionmwon/Uhunmwode federal constituency, Edo State.
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The Nigerian Content Development and Monitoring Board (NCDMB), had in 2020, during the Muhammadu Buhari-led administration invested the said sum, in a bid to encourage funding of modular refineries in the Niger Delta region.
Lawmakers expressed concern that despite the huge investment of $35 million, estimated to be over N50 billion and enough to fund fundamental components of the national budget was never setup.
“Nothing is on ground to show that huge financial commitments had been made”, Osawaru said.
The House also recalled that in May 2024, a stakeholder submitted a petition to the Economic and Financial Crimes Commission (EFCC) urging the anti-graft organisation to probe the multi-million dollar investments made by the Nigerian Content Development and Monitoring Board (NCDMB) among which was the Atlantic Refinery project; and that despite this move by the said stakeholder, nothing has been heard about “this profound national waste almost a year ago.”
The House expressed worry that the continued inactivity of the Brass modular refinery project raises significant questions about the management of public funds and the effectiveness of oversight mechanisms in Nigeria.
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It, therefore resolved to mandate its committees on petroleum resources, midstream and downstream to investigate the circumstances surrounding the huge financial commitments with nothing on ground to suggest such huge investment.
Benjamin Kalu, the deputy speaker who presided over the session gave the committees four weeks to report back for further legislative action.
