The Edo State Government has said it is currently servicing an Irrevocable Standing Payment Order (ISPO) of about ₦385 million monthly arising from a ₦25 billion capital market facility obtained during the immediate past administration for the Radisson Hotel project in Benin City.
The Commissioner for Information and Strategy, Prince Kassim Afegbua, who disclosed this in a statement at the weekend state that the development has triggered a broader review of the transaction.
Afegbua explained that although Edo State continues to bear the financial obligation tied to the hotel project, questions have emerged regarding the project’s equity structure.
He expressed concerns over the the reported allocation of 80 percent equity to a private investor, with Edo State retaining 20 percent, despite its substantial financial exposure.
According to him, preliminary records available to the current administration indicate that the State raised the ₦25 billion facility in its name and commenced the project before a private investor was introduced midstream.
“The concern is not political; it is about understanding how public funds were deployed and how equity interests were structured in a project financed with state resources,” Afegbua said.
The Commissioner added that documentation reviewed so far does not clearly establish the scale of financial contribution, if any, made by the private investor prior to the equity restructuring.
He also stated that no evidence of a competitive bidding process had been identified at the time
The commissioner said the review exercise also extends to other major projects inherited by the Governor Monday Okpebholo administration which included the Museum of West African Art (MOWAA).
He stated that the reviews was with the objective of determining the state’s financial obligations, liabilities and benefits.
Afegbua stressed that the Okpebholo administration’s actions were guided by due process and the need to strengthen transparency and accountability in public finance management.
“We owe Edo people clarity on how their money was used. This is essential for planning, governance continuity and historical record,” he stated.
He disclosed that upon conclusion of the ongoing internal reviews, the state government would take steps consistent with the law, including engagement with relevant regulatory and anti-corruption agencies, where necessary.
Responding to criticisms from the opposition Peoples Democratic Party (PDP), Afegbua said the government remained open to constructive engagement but urged political actors to allow institutional review mechanisms to function without distractions.
On power supply arrangements at Government House, the commissioner clarified that Edo State has no ownership interest in Ossiomo Power Plant and merely opted for alternative energy sources, including solar and BEDC services, as part of cost-efficiency measures.
He said Governor Okpebholo has prioritised infrastructure delivery and funding interventions for public institutions, including Ambrose Alli University, Ekpoma, and Edo State University, Uzairue, as part of efforts to stabilise key sectors.
Afegbua called on all former public officials with relevant information to cooperate with ongoing review processes, noting that transparency and accountability remain central to good governance.
