The House of Representatives on Wednesday resolved to launch an investigation to unravel why the $35 million Brass Modular Refinery project in Bayelsa State was abandoned despite the huge financial commitments made about four years ago.
The resolution followed a motion of urgent public importance sponsored by Billy Osawaru (APC, Edo), alleging that despite the investment, there is nothing on the ground to suggest that the government has made such an investment.
Leading the debate on a 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.
He expressed concern that despite this huge investment of $35 million dollars which is more than N50 billion and enough to fund fundamental components of the national budget, the proposed modular refinery was never set up, adding that there is nothing on the ground to show that such a huge financial commitment had been made.
“Despite this substantial investment, the proposed modular refinery was never established, and there is little evidence of progress on the project,” Osawaru stated.
He maintained that under President Bola Ahmed Tinubu’s Renewed Hope Agenda, indigenous refining has been identified as a key driver of energy independence, job creation, and industrial revitalization.
He said 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 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 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.
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.
