$35m NCDMB Fraud Case: Sylva Allegedly Directed $13.45m Payment, Court Hears

A witness for the Economic and Financial Crimes Commission (EFCC) told a Federal High Court in Abuja on Tuesday that Timipre Sylva, the former Minister of State for Petroleum Resources, verbally instructed him to pay $13.45 million, which is a portion of the money needed to construct a 2000 bpd refinery on Brass Island in Bayelsa State.

The assertion was made by the witness, Mr. Isaac Yalah, a former Director of the Nigerian Content Development and Monitoring Board (NCDMB), during his testimony in the alleged fraud trial of Dr. Akintoye Akindele, an oil billionaire.

Recall that last month, the commission declared Sylva wanted in relation to an alleged case of conspiracy and dishonest conversion of $14,859,257, which was a portion of money given to Atlantic International Refinery and Petrochemical Limited for the construction of a refinery by the Nigerian Content Development and Monitoring Board (NCDMB).

A statement by the Spokesman of the EFCC, Mr Dele Oyewale, had said that a warrant for the arrest of the former Minister was secured on November 6, 2025, from a Federal High Court sitting in Lagos.

The EFCC is prosecuting Akindele and two entities linked to him, over alleged cooperation in the conversion of the sum of $35 million dollars belonging to the NCDMB.

According to the charge, the said sums were allegedly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment in the establishment of a modular refinery, a jetty amongst others in Brass, Bayelsa State.

However, the witness who claimed to be the Director of Finance and Personnel for six and half years, before he was resigned as Director of Planning, Research and Statistics, informed the court that the project embarked by the NCDMB in conjunction with Atlantic International Refinery and Petrochemical Ltd, remains abandoned till date despite the payment of $35 million being the total cost of the project.

Yalah, the 4th Prosecution Witness (PW4), described how Akindele’s application for the construction of the modular refinery cleared all four “decision gates” of the NCDMB, resulting in the approval of the sum of $35 million for the project, under the direction of EFCC attorney E. E. Iheanacho, SAN.

“The board received an excerpt from the Governing Council after the proposal was adopted. highlight of the extract included that the NCDMB invest $35 million to acquire 40% stake in the Atlantic International Refinery and Petrochemical Ltd”, he said.

He claimed further that NCDMB was expected to offer two delegates in the board and they were also to maintain a joint project account to warehouse the $35 million.

Yalah told the court that himself and the former Executive Secretary were nominated as representatives of the NCDMB to the board of Atlantic International Refinery and Petrochemical Ltd.

“In addition, myself and the 1st defendant were made co-signatories to the Project Account”, he claimed, adding that the project account was formed in the name of Atlantic International Refinery and Petrochemical Ltd with Zenith Bank Plc.

The witness told the court that the first defendant sent NCDMB a distribution schedule with six milestones in December 2020 after receiving the monies in the project account.

“The sum of $21.55 million covering milestone 1 and 2 were paid into the Operation Account of Atlantic International Refinery and Petrochemical Ltd with Zenith Bank. The remaining $13.45 million was moved from the project account to Atlantic International Refinery and Petrochemical Ltd.’s operation account on January 29, 2021.

“The second tranche of payment accounts for milestones 3-6, the payment was made on the instruction of the then Minister of State for Petroleum Resources and the instruction was given to me verbally. The Minister of State for Petroleum Resources then was Timipre Sylva. He was the chairman of the Governing Council of the NCDMB”, the witness stated.

When questioned if there was any report submitted to the NCDMB stating milestone 1 and 2 were executed, the witness stated in the negative.

Additionally, he said that there was no official report detailing how the $21.5 million was spent. “However in our board meetings of Atlantic International Refinery and Petrochemical Ltd evidence of work done and services was based on the initial disbursement were presented. This includes paying for the power system (generator), data center, and some advance payment for the refinery, as well as continuing cite removal and sand-filling, renovating the health center at Brass Island, renovating the water system in Brass, and being the community where the project was being completed, he clarified.

While noted that the project was meant to be completed within 24 months, the witness added, “this project which the NCDMB paid $35 million has not been completed up till now. The project today as it stands is abandoned.

“I am not aware of any request for variation in terms of cost of materials, other than it been discussed at the Atlantic International Refinery and Petrochemical Ltd board meetings”, he stated.

He also claimed not to be aware of any work done in respect of milestones 3 – 6.

“I was only a signatory to the project account of Atlantic International Refinery and Petrochemical Ltd, I was not a signatory to the operation account. The 1st defendant and his management team were the signatories to the operation account”, witness added.

Following the conclusion of the evidence, trial judge Justice Ekerete Akpan postponed the hearing to December 3 so that the defendants’ attorneys may cross-examine the witness.

Along with two other people, Akindele was charged with four counts of keeping and consuming a significant portion of the NCDMB’s finances while being aware that they came from illegal activity.

The two additional defendants in the suit marked: FHC/ ABJ/ CR/ 641/2024, are Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd.

But in order to thoroughly prepare for his trial, he entered a not guilty plea and was granted bail.

His arraignment occurred following a petition by a former member of the Bayelsa State House of Assembly, Hon. Isreal Sunny Goli.

The lawmaker had last year petitioned the EFCC over the disbursement of funds for the Brass Fertilizer and Petrochemical Company Ltd, Atlantic International Refinery and Petrochemical Limited and the Brass Petroleum Product Terminal Limited under the immediate Executive Secretary of the NCDMB, Kiyesi Simbi Wabote.

According to him, the NCDMB secretary had informed them that the sum of $30 million for the project have been paid in full, unfortunately nothing substantial was done at the project site.

Meanwhile, the EFCC last month revised the allegation against the defendants from four to six.