The Edo State House of Assembly (EDHA) has resolved to empower Governor Monday Okpebholo to collaborate with anti-graft agencies to recover ₦17.5 billion allegedly linked to the Radisson Blu Hotel project in Benin City and to reclaim full ownership and control of the facility.
The resolution followed the adoption of a report by an investigative committee constituted at the request of the governor to examine the handling of the hotel project, which was initiated under the administration of former Governor Godwin Obaseki.
According to the Assembly, the Edo State Government raised ₦25 billion through a bond issuance in the capital market to finance the construction of the Radisson Blu Hotel as a flagship hospitality and tourism project. However, the committee’s findings indicated that ₦17.5 billion of the bond proceeds is allegedly being held by two escrow agents—Meristem Trustees Limited and Emerging Africa Trustees Limited—without adequate accountability to the state.
Lawmakers consequently directed Governor Okpebholo to work with relevant anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC), to recover the funds and obtain a detailed statement of account on the management of the bond proceeds.
The House also raised concerns over alleged irregularities in the project’s ownership structure. The report revealed that despite Edo State’s financial exposure estimated at over ₦28 billion, including about ₦2 billion for land acquisition, the state’s equity stake in the hotel was reportedly diluted to between 10 and 20 per cent.
The Assembly further resolved that ownership of the Radisson Blu Hotel was never lawfully transferred from the Edo State Government, noting the absence of a valid transfer of title to any private entity or to the Ministry of Finance Incorporated. It accordingly directed that the Certificate of Occupancy allegedly issued to a private company be revoked, describing it as fraudulent.
As part of its resolutions, the House authorised the state government to immediately retake full control of the hotel, engage competent professionals to complete outstanding works, and ensure the facility becomes fully operational for the benefit of the state and its residents.
The probe forms part of a broader review of major projects executed under the previous administration, including the Museum of West African Art (MOWAA). While the current administration maintains that the exercise is aimed at accountability and asset recovery, the Peoples Democratic Party (PDP) has criticised the investigation, describing it as a political witch-hunt.
Governor Okpebholo has reiterated his commitment to implementing the Assembly’s resolutions, stressing that public funds and assets must be safeguarded and deployed in the best interest of Edo State.
