Business
House of Representatives probes $35m modular refinery project
The House of Representatives on Wednesday resolved to investigate the state of the $35m modular petroleum refinery in Brass, Bayelsa State.
The resolution of the House followed the adoption of a motion of urgent public importance moved by Hon. Billy Osawaru, an Edo lawmaker, at Wednesday’s plenary session.
It’s titled, ‘Motion of urgent public importance on the need to investigate the abandoned $35m modular refinery project in Brass, Bayelsa State, four years after a huge financial commitment to that effect.’
The project, a 2,000-barrel-per-day project, is being handled by the Atlantic International Refinery and Petrochemical Limited in collaboration with the Nigerian Content Development and Monitoring Board.
The modular refinery is intended to boost the nation’s crude oil production, enhance local refineries, encourage indigenous participation in content development, and create jobs in the petroleum industry.
Although construction was expected to commence in 2021, there are reports that the project has become a subject of investigation by the Economic and Financial Crimes Commission for alleged fraudulent practices.
In 2020, the NCDMB invested $35m in the project, but according to Osawaru, “Despite this huge investment, which is more than N50bn 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 set up.
“Nothing is on the ground to show that huge financial commitments had been made.”
Drawing attention to the substance of the motion, Osawaru, who represents the Orhionmwon/Uhunmwode Federal Constituency, Edo State, recalled that the House had initiated a patriotic move to unravel the mystery behind the wastage by mandating the relevant committee to investigate this monumental economic sabotage.
He lamented that despite these moves, “Nothing has been heard in respect of the subject matter.”
He continued, “In May 2024, a stakeholder submitted a petition to the EFCC urging the anti-graft organisation to probe the multi-million-dollar investments made by the NCDMB, among which was the Atlantic Refinery project.
“Despite this noble move by the said stakeholder, nothing has been heard about this profound national waste from almost a year ago.
“We are worried that the continued inactivity of this Brass modular refinery project raises significant questions about the management of public funds and the effectiveness of oversight mechanisms in Nigeria.”
The motion, when put to a voice vote by the Deputy Speaker Benjamin Kalu, who presided over Wednesday’s plenary, was overwhelmingly supported by the lawmakers.
Consequently, the House referred the motion to its Committees on Petroleum Resources (Downstream and Midstream) for further legislative action.
The committees have four weeks to submit their report to the House.
The Federal Government has ordered the National Agency for Food and Drug Administration and Control, NAFDAC, to immediately halt all enforcement actions regarding the ban on sachet alcohol and 200ml PET bottle products.
The offices of the Secretary to the Government of the Federation, OSGF, and National Security Adviser, ONSA, in a joint intervention, cited grave concerns over economic stability and potential security threats as reasons for the directive.
The statement warned that continued enforcement, in the absence of a fully implemented National Alcohol Policy, could “destabilize communities, worsen unemployment, and trigger avoidable security challenges”.
According to the statement signed by Terrence Kuanum, Special Adviser on Public Affairs to the SGF, the government clarified that while the National Alcohol Policy has been signed by the Federal Ministry of Health under the direction of President Bola Tinubu, NAFDAC must refrain from sealing factories or warehouses until the policy is fully operationalized.
The statement emphasized that the current “de facto banning” of the products without a harmonized framework is creating significant disruptions.
“The continued sealing of warehouses and de facto banning of sachet alcohol products is already creating economic disruptions and poses a growing security threat, particularly given the impact on employment, supply chains, and informal distribution networks across the country,” the statement warned.
The statement further revealed that the decision was influenced by a correspondence from the House of Representatives Committee on Food and Drugs Administration and Control, dated November 13, 2025.
The letter, signed by Deputy Chairman Uchenna Harris Okonkwo, highlighted existing National Assembly resolutions that cautioned against the proposed ban.
Reaffirming a previous suspension issued in December 2025, the statement stated the need to review legislative, public health and economic factors before a final decision is reached.
“Accordingly, all actions, decisions, or enforcement measures relating to the ongoing ban on sachet alcohol are to be suspended pending the final consultations and implementation of the National Alcohol Policy and the issuance of a final directive,” the statement emphasized.
The naira continued appreciation against the United States dollar at the official foreign exchange on Tuesday.
Central Bank of Nigeria data showed that the Naira further firmed up to N 1,351.02 against the dollar on Tuesday, up from N 1,354.26 traded the previous day.
This means that on a day-to-day basis the Naira gained N3.24 against the dollar.
Similarly, at the black market, the Naira appreciated by N5 to N1450 per dollar, up from N1455.
The development comes as the apex in a notice signed by its director of the trade and exchange department, directing banks to sell a maximum of $150,000 per week to licensed Bureau De Change operators.
DAILY POST reports that the country’s external reserves remained high at $47.03 billion as of 6th February 2026.
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