The House of Representatives has launched an investigation into the abandoned $35 million Brass Modular Refinery project in Bayelsa State, despite the huge financial commitments made about four years ago.
The resolution followed the adoption of a motion of urgent national importance sponsored by Hon. Billy Osawaru during Wednesday’s plenary.
Moving the motion titled “Need to Investigate the Abandoned $35 Million Modular Refinery Project in Brass, Bayelsa State, Four Years After Financial Commitments,” Osawaru expressed concern that the project, funded by the Nigerian Content Development and Monitoring Board (NCDMB), has recorded no tangible progress since inception.
He recalled that in 2020, the NCDMB invested $35 million (over N50 billion) in the Atlantic International Refinery and Petrochemical Limited, proposed to be sited in Brass, as part of efforts to boost indigenous refining capacity and reduce pressure on Nigeria’s foreign exchange.
“Despite this substantial investment, the proposed modular refinery was never established, and there is little evidence of progress on the project,” Osawaru stated.
The lawmaker noted that the House had previously directed its relevant committees to look into the matter, while a petition was also submitted to the Economic and Financial Crimes Commission (EFCC) in May 2024 to probe NCDMB’s multi-million dollar investments, including the Brass refinery project.
He said till date, no updates have been received.
According to him, the non-execution of the project runs contrary to President Bola Tinubu’s Renewed Hope Agenda, which prioritises indigenous refining as a catalyst for energy independence, job creation, and industrial development.
Following deliberations, the House resolved to set up an ad hoc committee to investigate the circumstances surrounding the $35 million investment and report back within four weeks.
