Politics

Senate Summons NCDMB Boss Over Alleged $14.8m Fraud, Gives Two-Week Deadline

The Senate has ordered the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) to appear before its committee within two weeks over an alleged $14.86 million fraud.

Published

2 months ago

November 22, 2025

VerseNews

Senate

The Senate has ordered the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) to appear before its committee within two weeks over an alleged $14.86 million fraud linked to investments in Atlantic International Refinery and Petrochemical Ltd.

The Senate has summoned the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), giving him two weeks to appear before the committee on local content over an alleged $14.86 million fraud linked to investments in Atlantic International Refinery and Petrochemical Ltd.

Following an interactive session on Friday, the Senate resolved that the NCDMB management must provide the committee with full documentation on all transactions connected to the alleged conspiracy and dishonest conversion of $14,859,257 by December 2.

The directive follows recent reports from the Economic and Financial Crimes Commission (EFCC) declaring former Minister of State for Petroleum Resources, Timipre Sylva, wanted in connection with the matter.

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According to documents cited during the session, the funds represent capital allegedly injected by the NCDMB into Atlantic Refinery for the establishment of a refinery project.

The committee also resolved to summon international oil companies (IOCs) over their failure to remit the mandatory one percent capacity building fund, designed to support local content development in Nigeria’s oil and gas sector.

Chairman of the committee, Joel Onowakpo-Thomas, alongside other lawmakers, condemned the NCDMB Executive Secretary’s failure to appear before the panel, calling his absence unacceptable and obstructive to the committee’s oversight responsibilities.

“We are trying to have an idea of what happened to keep the committee abreast. This is the first time so we will give him another opportunity to appear to explain to us,” he said.

The Senate is expected to take further action in two weeks.