The House of Representatives is to investigate the circumstances surrounding the abandoned $35 million modular refinery project in Brass, Bayelsa State, despite huge financial commitments made four years ago to the initiative. The decision followed the adoption of a motion of urgent public importance sponsored by Hon. Billy Osawaru at yesterday’s plenary.

In his motion titled “Need to Investigate the Abandoned $35 Million Modular Refinery Project in Brass, Bayelsa State, Four Years After Huge Financial Commitments to That Effect,” Osawaru expressed concern that the project, funded by the Nigerian Content Development and Monitoring Board (NCDMB), has remained moribund with no visible progress since its inception.

The lawmaker noted that in 2020, the NCDMB invested the sum of $35 million (over N50 billion) in Atlantic International Refinery and Petrochemical Limited a modular refinery proposed to be sited in Brass, Bayelsa State as part of efforts to boost indigenous refining capacity and reduce pressure on Nigeria’s foreign exchange.

“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 that was to be known as Atlantic International Refinery and Petrochemical Limited was never setup. “Nothing is on ground to show that huge financial commitments had been made.

“This House had initiated a patriotic love to unravel the mystery behind this wastage by mandating the relevant committee to investigate this monumental economic sabotage; and that despite this, nothing has been heard in respect of the subject matter”.