Posted by Amarachi on Wed 13th Nov, 2024 - tori.ng
The arrest is related to a failed refinery project for which $35 million was allocated.
The former Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Timber Kesiye Wabote, has been arrested by the Economic and Financial Crimes Commission (EFCC) in connection with an alleged $35 million fraud involving the Brass Project.
The arrest is related to a failed refinery project for which $35 million was allocated.
Wabote’s arrest followed the detention of Akintoye Adeoye Akindele, Managing Director of Atlantic International Refinery and Petrochemical Limited, who is facing allegations of misappropriation, money laundering, and diversion of $35 million in public funds.
Wabote is currently held at the EFCC’s facility in Abuja.
According to The Nation, the EFCC’s investigation revealed that Akindele, the initiator of the Energy Infrastructure Park project, received financing from the NCDMB for its development in Okpoama Community, Brass LGA, Bayelsa State. The project was reportedly adopted by the NCDMB, which provided counterpart funding of $35 million.
Wabote served as the Executive Secretary of the NCDMB from 2016 to 2023, overseeing the board’s involvement in the project.
An investigative report states: “NCDMB under the watch of Wabote allegedly paid the $35 million to Akindele to build a 2,000 barrel per day (BPD) refinery, jetty, gas plant, power plant, data center, and tank farm at the Brass Free Trade Zone (FTZ) in Okpoama Community, Brass LGA, Bayelsa State.
“Since December 2020, when the payments were made, Akindele allegedly abandoned the project with minimal progress, despite the substantial funds provided.”
Preliminary findings indicate that under Wabote’s leadership, the NCDMB financed 17 different projects, including a 2,000 BPD refinery, jetty, gas plant, power plant, data center, and tank farm within the Brass FTZ.