The House of Representatives on Thursday unveiled plans to investigate the rationale behind the abandonment of $35 million Modular Refinery project in Brass, Bayelsa State, four years after payment of requisite financial commitment.
The resolution was passed sequel to the adoption of a motion on urgent public importance sponsored by Hon. Billy Osawaru.
In his lead debate, Osawaru underscored the importance of increased revenue base for the nation with a view to reduce the ‘pressure on the foreign exchange regime and even lowers debt burden, especially as it relates to budget financing.
‘The House also notes 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 House is aware 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.
‘The House is also aware 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.
‘The House is further aware that 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.
‘But concerned that despite this huge investment of $35 million 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.
‘The House is concerned also that 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.
‘The House appreciates that 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.
‘The House is worried 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.’
To this end, the House mandated the joint Committees on Petroleum Upstream, Downstream and Legislative Compliance to investigate the circumstances surrounding this huge financial commitments to the tune of $35 million with nothing on ground to suggest such huge investment and report back to the House within four weeks.