The House of Representatives has resolved to set up an Ad-hoc Committee to investigate the circumstances surrounding huge financial commitments to the tune of $35 million modular refinery project in Brass, Bayelsa State.
The decision of the House to launch the investigation was sequel to the adoption of a motion moved at the plenary on Wednesday by Hon. Billy Osawaru.
Moving the motion, the lawmaker said an increased revenue base for the nation reduces the pressure on the foreign exchange regime and even lowers debt burden, especially as it relates to budget financing.
Osawaru noted that it was in the light of the above that the immediate past regime graciously embarked on the need to encourage the funding of modular refineries in the Niger Delta region.
The lawmaker stressed that under president Bola Tinubu’s Renewed Hope Agenda, indigenous refining had been identified as a key driver of energy independence, job creation, and industrial revitalisation.
Osawaru emphasised that 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 noted: “Sometime in 2020 the Nigerian Content Development and Monitoring Board (NCDMB) invested the sum of $35 million in Atlantic International Refinery and Petrochemical Limited – a modular refinery to be located in Brass, Bayelsa State;
“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 that was to be known as Atlantic International Refinery and Petrochemical Limited was never set up.
“Nothing is on ground to show that huge financial commitments had been made.”
Osawaru recalled that the House had initiated a move to unravel the mystery behind this wastage by mandating the relevant committee to investigate this monumental economic sabotage; and that despite this, nothing has been heard in respect of the subject matter.
He further 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.
The lawmaker noted 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 this Brass modular refinery project raises significant questions about the management of public funds and the effectiveness of oversight mechanisms in Nigeria.
The House resolved: “Set up an Ad-hoc Committee to investigate the circumstances surrounding this huge financial commitments to the tune of $35m with nothing on ground to suggest such huge investment and report back to the House within four weeks.”