…Set up Ad-hoc Committee to Investigate NCDMB’s Investment in Bayelsa Facility
The House of Representatives has moved to investigate the circumstances surrounding the abandoned $35 million modular refinery project in Brass, Bayelsa State, despite huge financial commitments made four years ago to the initiative.
The decision followed the adoption of a motion of urgent public importance moved by Rep Billy Osawaru on Wednesday, during plenary.
In his motion titled “Need to Investigate the Abandoned $35 Million Modular Refinery Project in Brass, Bayelsa State, Four Years After Huge Financial Commitments to That Effect,” Osawaru expressed concern that the project, funded by the Nigerian Content Development and Monitoring Board (NCDMB), has remained moribund with no visible progress since its inception.
The lawmaker noted that in 2020, the NCDMB invested the sum of $35 million (over ₦50 billion) in Atlantic International Refinery and Petrochemical Limited a modular refinery proposed to be sited in Brass, Bayelsa State as part of efforts to boost indigenous refining capacity and reduce pressure on Nigeria’s foreign exchange.
“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 setup. Nothing is on ground to show that huge financial commitments had been made.
“This Honorable House had initiated a patriotic love 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.
Osawaru recalled that the House had earlier mandated relevant committees to investigate the issue but said no update had been received, adding that a petition was also submitted to the Economic and Financial Crimes Commission (EFCC) in May 2024 seeking a probe into NCDMB’s multi-million dollar investments, including the Brass refinery project — yet no action has been taken.
“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 lamented, however, that despite the massive investment, “nothing is on ground to show that such a huge financial commitment was ever made.”
“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,” he said.
The lawmaker emphasized that the Tinubu administration’s Renewed Hope Agenda identifies indigenous refining as a key driver of energy independence, job creation, and industrial revitalization. He stressed that the failure of such a major investment undermines national goals for energy security and economic sustainability.
Adopting the motion, the House resolved to set up an ad-hoc committee to investigate the circumstances surrounding the $35 million investment in the abandoned modular refinery and report back within four weeks.
The investigation, lawmakers said, would help unravel the reasons behind the non-execution of the project and ensure accountability in the management of public funds meant for national development.
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