Fresh details emerged on Tuesday in the ongoing trial over the alleged diversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB), as a key witness told a Federal High Court in Abuja that former Minister of State for Petroleum Resources, Timipre Sylva, verbally authorised the release of $13.45 million for a refinery project in Bayelsa State.
Testifying before Justice Ekerete Akpan, former NCDMB Director of Finance and Personnel, Mr. Isaac Yalah, said Sylva instructed him orally to approve the second tranche of payments to Atlantic International Refinery and Petrochemical Ltd, the company engaged to construct a 2,000 barrels-per-day modular refinery on Brass Island.
Yalah, who later served as Director of Planning, Research and Statistics before resigning, appeared as the fourth prosecution witness in the trial of oil investor, Dr. Akintoye Akindele, who is being prosecuted alongside two associated companies over alleged criminal conversion of funds.
The Economic and Financial Crimes Commission (EFCC) had, in November, declared Sylva wanted in connection with the alleged misappropriation of $14.8 million said to be part of NCDMB’s investment in the refinery project. A court in Lagos reportedly issued a warrant for his arrest.
According to Yalah, the refinery project—funded with a total of $35 million approved by NCDMB—has remained abandoned despite the substantial disbursements.
He alleged that Akindele’s proposal successfully scaled all four internal “decision gates” of the board, leading to the approval of a 40 percent equity investment and the opening of a joint project account with Zenith Bank.
He testified that the first payment of $21.55 million, meant for milestones one and two, was transferred to the company’s operations account in December 2020.
The remaining $13.45 million, covering milestones three through six, was released in January 2021 based on Sylva’s verbal directive.
“The then Minister of State for Petroleum Resources, Timipre Sylva, who also chaired the NCDMB Governing Council, instructed me verbally to make the payment,” he told the court.
READ ALSO: EFCC Investigates $35M Brass Project Fund Mismanagement, Detains Ex-NCDMB Boss
Yalah said there were no official reports confirming the completion of the first two milestones, nor was there any breakdown of how the initial $21.55 million was spent.
He however acknowledged that presentations made at Atlantic International board meetings referenced site clearing, sand filling, renovation of a health centre and water system in Brass, power supply contracts, and advance payments for refinery components.
He insisted he had no knowledge of any work relating to milestones three to six, despite the full disbursement of project funds.
Yalah also clarified that while he was a co-signatory to the project account, he had no access to the company’s operations account, which was controlled solely by Akindele and his management team.
Following his testimony, Justice Akpan adjourned proceedings to December 3 for cross-examination.
Akindele, Platform Capital Investment Partners Ltd, and Duport Midstream Company Ltd are facing a six-count amended charge bordering on unlawful retention and use of NCDMB funds.
They have all pleaded not guilty, with Akindele already granted bail to prepare for trial.
The case stems from a petition filed by former Bayelsa lawmaker, Hon. Isreal Sunny Goli, who accused the NCDMB leadership of disbursing millions of dollars for major projects in Brass without corresponding work on the ground.
The trial continues Wednesday.