The House of Representatives has resolved to set up an Ad-hoc Committee to investigate the circumstances surrounding 35 million US Dollars invested in Brass Modular refinery project without commensurate result.
The decision of the lower chamber followed the adoption of a motion of urgent public importance moved by Billy Osawaru from Edo state, at plenary.
According to Osawaru, four years after the huge financial commitment of 35 million dollars was made to the Brass modular refinery in Bayelsa state, the project remained abandoned with nothing on ground to suggest such huge investment was made.
Moving the motion, the Lawmaker
told the House that sometime in 2020 the Nigerian Content Development and Monitoring Board invested that sum of money in Atlantic International Refinery and Petrochemical Limited – a modular refinery which was to be located in Brass, Bayelsa State.
He noted 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 was never setup.
Osawaru further emphasized that under president Bola Tinubu’s Renewed Hope Agenda, indigenous refining has been identified as a key driver of energy independence, job creation, and industrial revitalisation and stressed the need to uncover what happened to the proposed project and the huge financial commitment.
According to the lawmaker, “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”.
“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”.
” 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.”
“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”.
Osawaru also said “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”.
“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” he stressed.
The lawmaker however maintained that the continued inactivity of Brass modular refinery project raises significant questions about the management of public funds and the effectiveness of oversight mechanisms in Nigeria.
