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 relates to 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 connected to the purported 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 those 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.
Committee 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. Nevertheless, the committee is granting 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, which is intended to support local‑content development in Nigeria’s oil and gas sector. These Senate actions aim to ensure transparency and accountability in the management of funds within the industry.
The alleged fraud is a significant issue given the oil and gas sector’s importance to Nigeria’s economy. The Senate’s investigation is expected to shed more light on the circumstances surrounding the fraud and to ensure that those responsible are held accountable. Further action is anticipated within two weeks, following the Executive Secretary’s appearance and the submission of the required documentation.
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