Reps to probe $35m sunk into non-existent modular refinery

Reps to probe $35m sunk into non-existent modular refinery

The House of Representatives on Wednesday resolved to investigate why the government-funded modular refinery in Brass, Bayelsa state, has failed to commence despite an investment of about 35 million dollars in the project.

This followed a motion of urgent public importance sponsored by Billy Osawaru (APC, Edo), alleging that despite the investment, there is nothing on the ground to suggest that the government has made such a huge investment.

In view of the motion, the House directed its committee on Downstream and Midstream to investigate the circumstances surrounding these huge financial commitments to the tune of $35m, with nothing on the ground to suggest such a huge investment.

Leading the debate on the motion, Osawaru argued that an increased revenue base for the nation reduces the pressure on the foreign exchange regime and lowers the debt burden, especially as it relates to budget financing.

According to him, it was in the light of the above that the Buhari administration graciously embarked on the need to encourage the funding of modular refineries in the Niger Delta region.

He maintained that under President Bola Ahmed Tinubu’s Renewed Hope Agenda, indigenous refining has been identified as a key driver of energy independence, job creation, and industrial revitalization.

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He said the key objective of the present administration is to ensure energy security through improved oil production output in order to increase the Nation’s revenue base, and that every available opportunity has been geared towards this objective.

He explained that sometime in 2020, the Nigerian Content Development and Monitoring Board (NCDMB) invested the sum of Thirty-Five Million Dollars ($35 million) in Atlantic International Refinery and Petrochemical Limited – a modular refinery to be located in Brass, Bayelsa State.

He expressed concern that despite this huge investment of $35 million dollars which is more than N50 billion and enough to fund fundamental components of the national budget, the proposed modular refinery was never set up, adding that there is nothing on the ground to show that such a huge financial commitment had been made.

He disclosed that despite the move by the House to unravel the mystery behind this wastage by mandating its relevant committee to investigate the monumental economic sabotage, nothing has been heard in respect of 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 organization 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”.

He said the continued inactivity of this Brass modular refinery project raises significant questions about the management of public funds and the effectiveness of oversight mechanisms in Nigeria.

Reps to probe $35m sunk into non-existent modular refinery