The Nigerian Senate has summoned the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) to appear before its committee on local content. The summons is in connection with an alleged $14.86 million fraud linked to investments in Atlantic International Refinery and Petrochemical Ltd. The Senate has given the Executive Secretary two weeks to appear and provide full documentation on all transactions related to the alleged conspiracy and dishonest conversion of funds.
The directive follows reports from the Economic and Financial Crimes Commission (EFCC) that former Minister of State for Petroleum Resources, Timipre Sylva, is wanted in connection with the matter. According to reports, the funds in question represent capital allegedly injected by the NCDMB into Atlantic Refinery for the establishment of a refinery project.
The Senate committee on local content is seeking to understand the circumstances surrounding the alleged fraud. The committee’s chairman, Joel Onowakpo-Thomas, expressed disappointment at the Executive Secretary’s failure to appear before the panel, describing his absence as unacceptable and obstructive to the committee’s oversight duties. The committee is giving the Executive Secretary another opportunity to appear and explain the situation.
In a related development, the committee has also resolved to summon international oil companies (IOCs) over their failure to remit the mandatory one percent capacity building fund. This fund is intended to support local content development in Nigeria’s oil and gas sector. The Senate’s actions are aimed at ensuring transparency and accountability in the management of funds in the oil and gas sector.
The alleged fraud is a significant issue, given the importance of the oil and gas sector to Nigeria’s economy. The Senate’s investigation is expected to shed more light on the circumstances surrounding the alleged fraud and ensure that those responsible are held accountable. The Senate is expected to take further action in two weeks, following the appearance of the NCDMB Executive Secretary and the submission of the required documentation.