EFCC Arrests Former NCDMB Boss, Timber Wabote Over $35m Faud Allegations

The Economic and Financial Crimes Commission (EFCC) has arrested Timber Kesiye Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB).

Timber Wabote was arrested over allegations of misusing $35 million in public funds intended for the failed Brass Project in Bayelsa State.

His arrest follows that of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, who is also facing charges related to money laundering and misuse of funds.

This investigation revolves around a plan to establish an Energy Infrastructure Park in Okpoama, Brass Local Government Area, Bayelsa State.

The proposed park was to feature a refinery, jetty, gas plant, power plant, data center, and tank farm capable of processing 2,000 barrels of oil daily.

NCDMB, led by Wabote at the time, had reportedly provided $35 million in funding for the project.

However, the project stalled in December 2020, with little to show for the funds invested.

Investigations revealed that Akindele’s company received the $35 million from NCDMB to manage the construction of these facilities, but the funds were allegedly misused, and the project saw minimal progress.

Early findings indicate that Wabote, who served as NCDMB’s Executive Secretary from 2016 to 2023, was linked to multiple such investments, including the Brass Free Trade Zone project.

His arrest is specifically connected to the mismanagement of the funds allocated for the refinery.

The EFCC has Wabote in custody in Abuja, with the investigation ongoing and other individuals also under scrutiny.

EFCC spokesperson, Dele Oyewale confirmed Wabote’s arrest on Wednesday but declined to give further details.

KanyiDaily recalls that the EFCC recently arrested the former Delta State Governor, Ifeanyi Okowa on accusations of diverting N1.3 trillion in funds.