EDHA ORDERS RECOVERY OF ₦17.5BN RADISSON BLU FUNDS, BACKS OKPEBHOLO TO RETAKE HOTEL
BENIN CITY – The Edo State House of Assembly (EDHA) has passed a resolution empowering Governor Monday Okpebholo to collaborate with anti-graft agencies to recover ₦17.5 billion allegedly held by two escrow agents in connection with the Radisson Blu Hotel project in Benin City and to retake full ownership and control of the hotel.
The resolution followed the adoption of a report by an investigative committee set up at the request of the governor to probe the handling of the Radisson Blu 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 fund the construction of the Radisson Blu Hotel as a flagship hospitality and tourism project. However, findings revealed 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 proper accountability to the state.
The House resolved that Governor Okpebholo should work with relevant anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC), to recover the funds and obtain a comprehensive statement of account detailing how the bond proceeds were managed.
Lawmakers also raised concerns over alleged irregularities in the ownership structure of the project. The committee’s report indicated that despite Edo State’s heavy financial involvement — estimated in excess of ₦28 billion, including about ₦2 billion for land acquisition — the state’s equity in the hotel was allegedly reduced to between 10 and 20 percent.
The Assembly further stated that ownership of the Radisson Blu Hotel was never legally transferred from the Edo State Government, noting that there was no valid transfer of title to any private company or to the Ministry of Finance Incorporated. It also directed that the Certificate of Occupancy reportedly issued to a private entity be revoked, describing it as fraudulent.
As part of its resolutions, EDHA authorised the state government to immediately reclaim full control of the hotel, engage competent professionals to complete outstanding works, and ensure the facility is fully operational for the benefit of Edo State and its people.
The development 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 insists the exercise is aimed at accountability and asset recovery, the Peoples Democratic Party (PDP) has criticised the probe, alleging political witch-hunt.
Governor Okpebholo has, however, reiterated his commitment to implementing the Assembly’s resolutions, stressing that public funds and assets must be protected and used in the best interest of Edo State.
