A former member of the House of Representatives, Israel Sunny-Goli, has called on the Economic and Financial Crime Commission (EFCC) to investigate the disbursement of funds by the Nigerian Content Development & Monitoring Board (NCDMB).
He wants EFCC to probe the disbursement for the Brass Fertilizer and Petrochemical Company Limited, Atlantic International Refinery & Petrochemical Limited, and the Brass Petroleum Product Terminal Limited by the NCDMB under Simbi Kesiye Wabote.
Sunny-Goli, who represented Brass/Nembe Federal Constituency, at the green chamber, said that given his years of active political and communal leadership, he is qualified to express concerns about the overall development of his people and to protect the same.
According to him, Brass Fertilizer and Petrochemical Company Limited was conceived to establish two trains of 5,000MTPD methanol plants and One train of 500MMscf per day processing plant and associated infrastructure to be sited in Odiama, Brass Island, Bayelsa State.
He added that the total NCDMB equity contribution for this project was $200m.
“With an initial payment of $20m made in May, 2021, and an annual payment of $60m over the period of 3 years.”
He, however, claimed that available information indicates that nothing tangible has been accomplished on this project, thus making its delivery uncertain and gloomy.
He further said that Atlantic International Refinery & Petrochemical Limited was conceived for the establishment of a 2,000bpd Modular Refinery, a jetty facility, and a 2MW power plant in the Brass Free Trade Zone (FTZ) in Bayelsa State.
“Its target completion period was 24 months from the date of financial close. Full investment amount of $35m was released in one bullet in October 2020.
“The project has stalled and has little or nothing to show for the disbursement made. Delivery timeline is also uncertain.
“Brass Petroleum Product Terminal Limited: The investment was for the establishment of a 50 million-litre facility with a two-way product jetty, automated storage tanks, and loading bay in Brass, Baylesa State.
“Project was initially conceived to have the NNPC Limited and the NCDMB as shareholders with the private company but was curiously financed by the Simbi-led NCDMB alone.
“The project for which funds were disbursed in September 2021, has not progressed as expected, and its completion remains not only uncertain but funding by the other shareholders is also not assured.
“As can be deduced from the information supplied above, these are well-meaning projects aimed at creating jobs for our teeming unemployed youths, as well as increase the nation’s revenue.”
The former lawmaker demanded that the EFCC should probe the fund disbursed for the companies to ensure Nigeria is not short-changed, and the teeming unemployed youths are not denied gainful employment opportunities in line with the Renewed Hoped agenda of President Ahmed Bola Tinubu.
