The House of Representatives has resolved to investigate the circumstances surrounding the alleged mismanagement of a $35 million investment by the Nigerian Content Development and Monitoring Board (NCDMB) in a modular refinery project that never materialised in the Niger Delta.
The resolution followed the adoption of a motion moved by Billy Osawaru (APC, Edo) during Wednesday’s plenary.
|
|
The motion raised concerns about the non-existence of the Atlantic International Refinery and Petrochemical Limited, despite a massive federal investment made five years ago.
The NCDMB was established to promote local participation in the oil and gas industry. One of its key initiatives is funding modular refineries, smaller, locally managed refining plants aimed at boosting domestic fuel production, reducing import dependence, and creating jobs in oil-producing regions like the Niger Delta.
|
|
|
|---|
Mr Osawaru recalled that the NCDMB, in 2020, invested $35 million, equivalent to over ₦50 billion at today’s exchange rate, into the establishment of the Atlantic International Refinery and Petrochemical Limited as part of efforts to boost domestic refining capacity and reduce dependence on imported fuel.
He said the investment was meant to support modular refineries across the Niger Delta, in line with the then government’s policy to expand Nigeria’s revenue base, reduce foreign exchange pressure, and lower debt burdens by promoting indigenous refining.
According to the lawmaker, the initiative was continued under President Bola Tinubu’s Renewed Hope Agenda, which identifies indigenous refining as a cornerstone of energy independence, job creation, and industrial revitalisation.
Concerns over missing project
However, Mr Osawaru lamented that despite the substantial financial commitment, “nothing is on the ground to show that the project exists.”
He described the situation as “a monumental economic sabotage,” adding that several previous attempts by the House to unravel the mystery behind the failed refinery had yielded no tangible results.
He noted that stakeholders had, in May 2024, petitioned the Economic and Financial Crimes Commission (EFCC) to probe the NCDMB’s multi-million dollar investments, including the Atlantic Refinery project, but said the anti-graft agency had remained silent nearly a year later.
“The continued inactivity of the modular refinery project raises significant questions about the management of public funds and the effectiveness of oversight mechanisms in Nigeria,” Mr Osawaru stated.
Debate
Contributing to the debate, the Minority Leader, Hon. Kingsley Chinda (PDP, Rivers), expressed dismay over the situation, describing it as a reflection of the poor governance culture that has crippled Nigeria’s oil sector.
“It appears today that we are a nation that not only eats our profits but also eats our investments,” Mr Chinda said. “This sector is the economic nerve of our country, but you find out that those of us in public office appear to be setting this country back,” he said.
He cautioned against treating the matter as “just another motion” that would be referred to a committee without follow-up action.
“This is a very important motion, one that can move this country forward if we are serious-minded. We must not only support it but ensure that the relevant committees do a thorough job,” he added.
READ ALSO: PDP’s chair, legal adviser clash in court over party’s representation
Resolution
The House subsequently mandated its Committees on Midstream, Downstream, and Legislative Compliance to investigate the $35 million investment in the Atlantic International Refinery and Petrochemical Limited and report back within four weeks.
Lawmakers said the probe would help uncover the circumstances surrounding the failed project, determine those responsible, and ensure that public funds are recovered or accounted for.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
![Prominent Nigerians who joined former Governor Rotimi Amaechi of Rivers State at a memorial vigil Mass for his late mother [PHOTO CREDIT: Rt Hon Chibuike R Amaechi]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2026/09/Screenshot-2026-09-04-232828.png?fit=1309%2C628&ssl=1)
