The Edo State Government has accused the immediate past administration of former Governor Godwin Obaseki of alleged financial impropriety linked to the Radisson Hotel project in Benin City.

In a statement, the Commissioner for Information and Strategy, Prince Kassim Afegbua, disclosed that the state government would petition the Economic and Financial Crimes Commission (EFCC) upon the conclusion of ongoing investigations into the matter.

Gossip News Now reports that the development comes amid claims by the Peoples Democratic Party (PDP) that the administration of Governor Monday Okpebholo lacks vision, ideas and a clear grasp of modern governance. The PDP had described the current government as being driven by vendetta and propaganda rather than purposeful leadership.

Responding to the claims, Afegbua alleged that the Obaseki-led administration raised ₦25 billion from the stock market on behalf of Edo State and invested it in the Radisson Hotel project, but later relinquished 80 per cent equity to a private investor, leaving the state with just 20 per cent.

He further claimed that Edo State continues to service the ₦25 billion loan through an Irrevocable Standing Payment Order (ISPO) of about ₦385 million monthly, despite the absence of any public record showing that the private investor injected funds to justify its majority stake.

According to Afegbua, the investor is a newly incorporated company registered in May 2024, with no established track record in the hospitality sector, and allegedly acquired the majority equity without undergoing a competitive bidding process.

He said, “To date, there is no record showing that this investor invested funds into the project to justify an initial 80 per cent equity. The ₦25 billion sourced from the stock market is still being repaid through an Irrevocable Standing Payment Order of about ₦385 million monthly by the Edo State Government.

“Yet, the so-called investor registered a brand-new company in May 2024, with no antecedents in the hospitality business or any other sector.

“There was no competitive bidding process before the investor acquired a staggering 80 per cent stake. What kind of financial wizardry is this? This is only possible in Godwin Obaseki’s school of economics and public finance, a school we have chosen not to attend.

“The Radisson Hotel remains the property of the Edo State Government. Every kobo of taxpayers’ money invested in the project will be accounted for. You cannot use Edo State as collateral to source ₦25 billion from the stock market and invest it for the benefit of friends and cronies.”

Afegbua also dismissed allegations linking the current administration to the Ossiomo Power Plant, clarifying that the state government merely reduced its dependence on the facility by exploring alternative energy sources, including solar power and supply from the Benin Electricity Distribution Company, as part of cost-cutting measures.

He added that Governor Okpebholo’s administration remains committed to transparency and prudent management of public funds, in contrast to what he described as “opaque financial transactions” under the previous government.