A Federal High Court in Abuja on Tuesday heard fresh details about how $13.45 million was released for a modular refinery project that has remained abandoned for years, allegedly on the verbal instruction of former Minister of State for Petroleum Resources, Timipre Sylva.
The testimony came from Isaac Yalah, a former Director of Finance at the Nigerian Content Development and Monitoring Board (NCDMB), who appeared as the fourth prosecution witness in the ongoing trial involving businessman Dr. Akintoye Akindele and two companies linked to him.
According to Yalah, the payment formed part of a total $35 million investment approved by the NCDMB for the construction of a 2,000 barrels-per-day modular refinery on Brass Island in Bayelsa State. The investment was intended to give the board a 40% equity stake in Atlantic International Refinery and Petrochemical Ltd, the company handling the project.
Yalah told the court that he and the NCDMB’s Executive Secretary were appointed to represent the board on the company’s board and were made co-signatories to the project account opened for the refinery. He explained that although $21.55 million had earlier been transferred for the first two milestones, there was no documented evidence that those milestones were completed.
He said the remaining $13.45 million — meant to cover milestones three to six — was moved to the company’s operational account in January 2021 based solely on Sylva’s verbal instruction. At the time, Sylva also served as chairman of NCDMB’s Governing Council.
Despite the full disbursement of the $35 million, Yalah confirmed that the refinery project has remained stalled since 2020, with no meaningful progress made on the ground. He noted that while the company presented some preliminary activities such as site clearing, sand-filling, and minor community renovations, no substantial work has been done toward building the refinery itself.
The EFCC is prosecuting Akindele and two associated companies on allegations of diverting NCDMB funds meant for the project. Sylva was declared wanted by the commission last month in connection with a related case involving over $14.8 million linked to the same Brass Island initiatives.
After Yalah’s testimony, Justice Ekerete Akpan adjourned the case to December 3 for cross-examination.
Akindele has pleaded not guilty to the charges and is currently out on bail.
