Wednesday, November 13, 2024 -The Economic and Financial Crimes Commission (EFCC) has arrested Timber Kesiye Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), over allegations of misappropriating $35 million in public funds linked to the failed Brass Project in Bayelsa State.
Wabote’s arrest follows the earlier detention of Akintoye Adeoye
Akindele, the Managing Director of Atlantic International Refinery and
Petrochemical Limited, who faces charges of money laundering, misappropriation,
and diversion of funds.
The investigation centers around a project that was meant to develop an
Energy Infrastructure Park in the Okpoama Community, Brass Local Government
Area, Bayelsa State, including a refinery, jetty, gas plant, power plant, data
center, and tank farm with the capacity to process 2,000 barrels of oil per
day. NCDMB, under Wabote’s leadership, had reportedly provided counterpart
funding of $35 million for the initiative.
However, the project was abandoned in December 2020 with minimal
progress made despite the substantial funds allocated. Investigations revealed
that Akindele was paid the $35 million by NCDMB to oversee the construction of
the refinery and associated facilities. The funds were reportedly
misappropriated, leaving little to show for the investment.
Preliminary findings suggest that Wabote, during his tenure as NCDMB
Executive Secretary from 2016 to 2023, was involved in multiple such
investments, including the Brass Free Trade Zone initiative. Wabote’s arrest is
tied to the mismanagement of the $35 million intended for the refinery project.
The EFCC is currently holding Wabote at its Abuja facility, while
investigations continue into the case, with other suspects also under scrutiny.
EFCC spokesman, Dele Oyewale, confirmed Wabote’s arrest on Wednesday but
declined to provide additional comments on the matter.
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