Reps Probes $35 Million Abandoned Brass Refinery Project in Bayelsa

Reps Probes $35 Million Abandoned Brass Refinery Project in Bayelsa

The House of Representatives has initiated an investigation into the stalled $35 million Brass Modular Refinery project in Bayelsa State, four years after significant financial commitments were made. The probe follows a motion of urgent national importance moved by Hon. Billy Osawaru during Wednesday’s plenary session.Titled “Need to Investigate the Abandoned $35 Million Modular Refinery Project in Brass, Bayelsa State, Four Years After Financial Commitments,” the motion highlighted concerns over the lack of progress on the project, which was funded by the Nigerian Content Development and Monitoring Board (NCDMB). In 2020, the NCDMB invested $35 million (over N50 billion) in Atlantic International Refinery and Petrochemical Limited to establish the refinery, aimed at boosting Nigeria’s indigenous refining capacity and easing pressure on foreign exchange reserves.“Despite this substantial investment, the proposed modular refinery was never established, and there is little evidence of progress on the project,” Osawaru stated. He noted that the House had previously tasked its committees to investigate the matter, and a petition was filed with the Economic and Financial Crimes Commission (EFCC) in May 2024 to probe NCDMB’s multi-million dollar investments, including the Brass project. However, no updates have been provided.Osawaru emphasized that the project’s failure undermines President Bola Tinubu’s Renewed Hope Agenda, which prioritizes local refining to drive energy independence, job creation, and industrial growth. Following deliberations, the House established an ad hoc committee to investigate the circumstances surrounding the $35 million investment and deliver a report within four weeks. The probe aims to uncover reasons for the project’s abandonment and ensure accountability for the funds allocated.  

Source: Reps Probes $35 Million Abandoned Brass Refinery Project in Bayelsa

 - NigerianEye

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