Reps To Probe Abandoned $35m Bayelsa Modular Refinery Project

House of Representatives has resolved to probe the abandoned $35 million modular refinery project in Brass, Bayelsa State, four years after the huge financial commitment.

This followed the adoption of a motion of urgent public importance moved by Hon. Billy Osawaru (APC, Edo) at plenary yesterday.

Osawaru said that sometime in 2020, the Nigerian Content Development and Monitoring Board (NCDMB) invested $35 million in Atlantic International Refinery and Petrochemical Limited, a modular refinery to be located in Brass, Bayelsa state.

He expressed concern that despite the huge investment, which is more than N50 billion and enough to fund fundamental components of the national budget, the proposed modular refinery that was to be known as Atlantic International Refinery and Petrochemical Limited was never set up.

The lawmaker stated that nothing was on the ground to justify that huge financial commitment.

Osawaru recalled that the House initiated a patriotic love to unravel the mystery behind this wastage by mandating the relevant committee to investigate this monumental economic sabotage. Despite this, nothing has been heard regarding the subject matter.

He said, “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 noble move by the said stakeholder, nothing has been heard about this profound national waste almost a year ago.”

Osawaru 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.