The Edo State Government has accused the immediate past administration of former Governor Godwin Obaseki of alleged financial irregularities in the Radisson Hotel project in Benin City and says it will petition the Economic and Financial Crimes Commission (EFCC) after completing investigations.
In a statement on Sunday, the Commissioner for Information and Strategy, Prince Kassim Afegbua, claimed the Obaseki-led government raised ₦25 billion from the stock market in Edo State’s name for the project but later handed 80 per cent equity to a private investor, leaving the state with just 20 per cent.
Afegbua said Edo State is still servicing the loan through an Irrevocable Standing Payment Order of about ₦385 million monthly, adding that there is no public record showing the investor injected funds to justify its majority stake. He alleged the investor was a newly registered company incorporated in May 2024 and did not emerge through a competitive bidding process.
He stressed that the Radisson Hotel remains the property of Edo State and that all public funds invested would be fully accounted for.
The commissioner dismissed claims linking the current administration to the Ossiomo Power Plant, saying the government merely reduced its reliance on the facility in favour of alternative power sources as part of cost-cutting measures.
Afegbua said Governor Monday Okpebholo’s administration is committed to transparency and prudent financial management, adding that the government has prioritised infrastructure development, particularly in education, with renewed funding for state-owned universities.
