The Federal Government says it is reviewing loans and projects estimated at $500m executed by the Nigerian Content Development and Monitoring Board.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who made the disclosure, also accused the past executive of the NCDMB of allegedly wasting about $500m on questionable projects and loans.
Lopkobiri disclosed this at a dinner held in Lagos last week by The Petroleum Club.
During an interactive session at the event, Lokpobiri alleged that the past leadership of the NCDMB paid $35m for the Brass modular refinery in Bayelsa State without anything to show for it.
Also, he also claimed that $20m was paid for a fertilizer factory, which has yet to be seen.
The minister, however, commended the investment made in Waltersmith.
Lokpobiri claimed the former NCDMB boss made the payments against professional advice, stressing that the payments were being reviewed.