The Economic and Financial Crimes Commission (EFCC) has arrested Mr Simbi Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), over allegations of a $35 million fraud linked to the failed Brass Project in Bayelsa State.
Wabote was alleged to have misappropriated public funds allocated for a refinery and infrastructure project intended to boost local energy capabilities.
Political Economist NG recalls the
detention of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, who is facing charges of money laundering over the same issue.
The NCDMB under Wabote reportedly provided counterpart funding of $35 million to support the development of an Energy Infrastructure Park in the Okpoama Community, Brass Local Government Area, Bayelsa State.
The project was meant to include a refinery, jetty, gas plant, power plant, data centre, and tank farm, designed to process 2,000 barrels of oil per day.
But the project was abandoned in December 2020 with minimal progress made, despite the significant funds allocated.
Akindele was alleged to have abandoned the project despite the payments made by NCDMB.
Inquest by EFCC showed that under Wabote, NCDMB financed 17 different projects, including the 2000 barrel per day, BPD, Refinery, Jetty, Gas Plant, Power Plant, Data Centre and Tank Farm at Brass Free Trade Zone, FTZ, Okpoama Community in Brass LGA of Bayelsa State.
Wabote’s tenure as NCDMB Executive Secretary, from 2016 to 2023, witnessed my highpoints in local content advancement including the $35 million allocated for the Brass Free Trade Zone initiative.
The EFCC is currently detaining Wabote at its Abuja office while investigations are continuing.
Spokesman fir EFCC Dele Oyewale confirmed Wabote’s arrest and detention.
