The Economic and Financial Crimes Commission (EFCC) has taken Timber Kesiye Wabote, former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), into custody over allegations of misappropriating $35 million in public funds intended for the failed Brass Project in Bayelsa State.
This development follows the earlier detention of Akintoye Adeoye Akindele, Managing Director of Atlantic International Refinery and Petrochemical Limited, who faces charges of money laundering, misappropriation, and diversion of funds.
Notably, the investigation revolves around a project aimed at developing an Energy Infrastructure Park in the Okpoama Community, Brass Local Government Area, Bayelsa State.
The project encompassed a refinery, jetty, gas plant, power plant, data center, and tank farm capable of processing 2,000 barrels of oil per day.
Under Wabote’s leadership, NCDMB reportedly provided $35 million in counterpart funding for the initiative.
Despite substantial allocations, the Nigerian Content Development and Monitoring Board (NCDMB) abandoned the project in December 2020, having made minimal progress.
Investigations revealed that Akindele received the $35 million from NCDMB to oversee the construction of the refinery and associated facilities. Unfortunately, the funds were allegedly misappropriated, leaving little evidence of the investment.
Preliminary findings suggest Wabote’s involvement in multiple similar investments during his tenure as NCDMB Executive Secretary from 2016 to 2023, including the Brass Free Trade Zone initiative.
The EFCC arrested Wabote for mismanaging $35 million meant for the refinery project.
Currently, the EFCC is holding Wabote at its Abuja facility, with ongoing investigations and other suspects under scrutiny.
EFCC spokesman Dele Oyewale confirmed Wabote’s arrest on Wednesday but declined further comment on the matter.
