EFCC Arrests Former NCDMB Executive Secretary Over Alleged $35 Million Fraud
1 min read
The Economic and Financial Crimes Commission (EFCC) has arrested Timber Kesiye Wabote, the former Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), in connection with an alleged $35 million fraud involving the Brass Project in Bayelsa State.
The arrest follows an earlier detention of Akintoye Adeoye Akindele, Managing Director of Atlantic International Refinery and Petrochemical Limited, who is accused of misappropriating public funds allocated for the failed refinery project.
According to EFCC sources, the funds were allocated to Akindele’s Energy Infrastructure Park project, which included plans for a refinery, gas plant, jetty, and other infrastructure in Okpoama Community, Brass LGA, Bayelsa State.
READ ALSO: “Why It Would Be Unwise For Me To Diss Wizkid” – Kizz Daniel Reveals As He Addresses Davido’s Fans
The NCDMB, under Wabote’s leadership from 2016 to 2023, provided $35 million in counterpart funding for the project. However, the project, which was meant to produce 2,000 barrels per day, was reportedly abandoned in December 2020, despite the significant financial outlay.
Preliminary investigations suggest that the NCDMB financed a total of 17 projects during Wabote’s tenure, but there were concerns about the lack of progress on the Brass Free Trade Zone (FTZ) initiative, which was supposed to include a refinery, jetty, and power plant.
Wabote is currently in EFCC custody in Abuja as investigations continue into the alleged mismanagement and diversion of public funds meant for key infrastructure projects.
