Alleged $35m Fraud: Simbi Wabote, ex-NCDMB Chief, denies EFCC’s arrest as Commission detains Akintoye, Atlantic Refinery CEO

*Simbi Wabote, ex-Executive Secretary of the Nigerian Content Development and Monitoring Board, denies his arrest by Nigeria’s Economic and Financial Crimes Commission over failed $35 million Atlantic Refinery Project, in Bayelsa State, as the Commission has detained Dr. Akindele Akintoye, CEO of Atlantic International Refinery and Petrochemicals Limited, for purported misappropriation, money laundering, and diversion of public funds to the tune of $35 million

In connection with an alleged $35 million fraud involving taxpayers’ money in relation to the Brass Project, in Bayelsa State, South-South region, Simbi Wabote, immediate past Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has denied his arrest by the Economic and Financial Crimes Commission (EFCC), saying the anti-graft Commision only invited him for a chat.

I only honour EFCC’s routine invitations, claims Wabote

Wabote, in a telephone conversation with reporters Wednesday, November 13 denied that he was ever arrested by EFCC, insisting that he made a routine visit to the agency, just like they would invite any other person.

The former NCBMB Chief also claimed that he honoured the Commission’s “routine invitation Tuesday, as he arrived at 2p.m. and left by 6.30p.m., after writing his statement.

“I was supposed to go there on the 29th of October but I wrote to them to say that I would be travelling out of the country and I will come when I return. Yesterday, I walked in and they took my statement and I came home and slept.”

He further explained that there was no fraud case involving Atlantic International Refinery and Petrochemicals Limited.

According to him, it is rather the case of a company that is having cash flow challenges.

He as well discredited the allegation that NCDMB, under his leadership, made a bad investment in Atlantic International Refinery and Petrochemicals Limited.

“We invested in about 17 different opportunities and most of them are progressing, the only one that has a challenge is the Atlantic refinery.

“The promoter has not walked away from the project. He has written to the NCDMB, telling the Board to give him a plan so he can buy them out. Even in the Board meeting they have taken a resolution.

“He said he has a cash flow challenge and he will complete the project, but if you are not prepared to come along with me, agree with me a plan so that I can buy you out. So it is just a business that has a challenge. It has nothing to do with fraud and nothing to do with scam,” Wabote said.

Earlier, reports had indicated the EFCC also apprehended and detained Dr. Akindele Akintoye, Managing Director of Atlantic International Refinery and Petrochemicals Limited, a few weeks ago, and Akintoye is still in detention for arraignment alongside Wabote soon.

The EFCC nabbed Akindele over alleged misappropriation, money laundering, and diversion of public funds to the tune of $35 million.

Wabote’s arrest was also linked to a failed $35 million Atlantic Refinery Project.

Currently being held in the EFCC facility in Abuja, Wabote’s involvement reportedly originated from his leadership role at NCDMB from 2016 to 2023.

Investigations revealed that the NCDMB provided counterpart funding for the Energy Infrastructure Park project, which was meant to include a refinery, jetty, gas plant, and other facilities in Okpoama, Bayelsa State, South-South region.

Despite the $35 million paid to Akindele to complete the project, minimal progress was made, with the project abandoned since December 2020, report noted.

Besides, under Wabote’s watch, the NCDMB financed multiple projects, including the $35 million for the Brass FTZ, but it is alleged that these funds were not appropriately used.

Aside from the alleged $35 million Bayelsa Refinery scam, Akindele, a former Managing Director of Duport Midstream Company Limited and Chairman of Platform Capital, who is also being tried by the Police over alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Limited, and bribery of the Police with N150 million, is alleged to linked to various other scams.

At the time, the Nigerian Content Development and Monitoring Board was said to have paid $35million to Akindele to build a 2,000 barrel-per-day (bpd) refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass Local Government Area of Bayelsa State.

However, after receiving the money December 2020, Akindele was accused of abandoning the projects ever since then.

A promoter of the Energy Infrastructure Park, financed by the Nigeria Content Development and Monitoring Board, in Okpoama community in Brass LGA of Bayelsa State, it was learnt Akindele initially, mooted the idea of the project to the Board, and the NCDMB embraced it with a counterpart funding to the tune of $35million.

A source familiar with the matter reportedly said: “NCDMB allegedly paid $35million to Akindele to build a 2,000 bpd refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass LGA of Bayelsa State.

“Since December 2020 when the payments were made, Akindele allegedly abandoned the project with little or nothing to show for the huge sum paid to him.”

Source also revealed Akindele allegedly received the money through the Atlantic International Refinery and Petrochemical Limited, and sent it to four of his companies.

“Akindele received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funnelled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Limited, Puissance Afrique Dynamics Limited, Adamantine Petrochemical & Refinery Limited and Bureau de Change outlets.

“The EFCC has been on a manhunt for him for several months until he finally showed up when he could no longer bear the fire on him. He was thereafter arrested and detained at the commission’s holding facility in Abuja,” noted the source.

However, a former member of the House of Representatives, Israel Sunny-Goli, May 2024, petitioned the EFCC to probe multi-million Naira investments made by the Nigerian Content Development and Monitoring Board (NCDMB), among which was the Atlantic Refinery project.

The Federal lawmaker also disclosed that a full investment of $35 million was made for the Atlantic Refinery project, which was expected to be a 2,000 bpd modular refinery with a jetty facility and 2MW power plant, with a duration of 24 months completion at the Brass Free Trade Zone (FTZ).

Sunny-Goli further said in the petition: “Its target completion period was 24 months from the date of financial close. Full investment amount of $35m was released in one bullet in October 2020.

“The project has stalled and has little or nothing to show for the disbursement made.”

The petition listed Dr. Akindele Akintoye, NCDMB former Executive Secretary, Simbi Wabote and Director, Finance and Personnel Management, Isaac Yalah as the principal suspects in the alleged scam.

Also in March this year, the House of Representatives Committee on NCDMB commenced investigation into the $35 million investment in Atlantic International Refinery and Petrochemical Limited (AIRPL) and some other projects executed by the Board.