The House of Representatives has begun an investigation into the abandoned $35 million Brass Modular Refinery project in Bayelsa State, four years after the investment was made.
The decision followed a motion of urgent national importance moved by Hon. Billy Osawaru during Wednesday’s plenary.
Osawaru said the project, funded by the Nigerian Content Development and Monitoring Board (NCDMB), has shown no tangible progress despite the large investment.
He recalled that in 2020, the NCDMB invested $35 million (over N50 billion) in Atlantic International Refinery and Petrochemical Limited, intended to be located in Brass, to boost local refining capacity and reduce pressure on foreign exchange.
“Despite this substantial investment, the proposed modular refinery was never established, and there is little evidence of progress on the project,” he stated.
The lawmaker also noted that previous House committees had been asked to look into the matter and that a petition had been sent to the Economic and Financial Crimes Commission (EFCC) in May 2024 to probe NCDMB’s multimillion-dollar projects, including the Brass refinery.
He added that no update had been received from the agencies involved since then.
Osawaru said the project’s abandonment contradicts President Bola Tinubu’s Renewed Hope Agenda, which promotes indigenous refining to strengthen energy independence, create jobs, and drive industrial growth.
After deliberation, the House resolved to form an ad hoc committee to investigate the $35 million investment and report its findings within four weeks.
