The Edo government says it is servicing a ₦385 million monthly Irrevocable Standing Payment Order for the Radisson Hotel project.
The Commissioner for Information and Strategy, Mr Kassim Afegbua, disclosed this on Sunday in Benin.
Afegbua said the obligation stems from a ₦25 billion capital market facility secured by the previous administration.
He noted that the liability has prompted a comprehensive review of the transaction and its underlying agreements.
According to him, Edo continues to bear the debt burden despite emerging concerns over the project’s equity arrangement.
He expressed concern that a private investor reportedly holds 80 per cent equity, while the state retains 20 per cent, despite substantial financial exposure.
Afegbua said preliminary records show the state raised the ₦25 billion facility and began the project before introducing a private investor.
“The concern is not political; it is about understanding how public funds were deployed and how equity interests were structured,” he said.
He added that reviewed documents do not clearly show the private investor’s financial contribution before the equity restructuring.
Afegbua also said no evidence of a competitive bidding process had been identified during the assessment.
He explained that the review extends to other inherited projects, including the Museum of West African Art.
The commissioner said the exercise aims to determine the state’s financial obligations, liabilities and benefits.
He stressed that the Gov. Monday Okpebholo administration is guided by due process, transparency and accountability in public finance management.
“We owe Edo people clarity on how their money was used,” Afegbua said, describing it as essential for continuity and record-keeping.
He disclosed that, after the reviews, the government would act within the law, including engaging regulatory and anti-corruption agencies where necessary.
Responding to opposition criticism, Afegbua said the government welcomes constructive engagement but urged restraint to allow institutional reviews.
On Government House power supply, he clarified that Edo has no ownership stake in Ossiomo Power Plant.
He said the state adopted alternative energy sources, including solar and BEDC services, to improve cost efficiency.
Afegbua added that the governor prioritises infrastructure delivery and funding for institutions, including Ambrose Alli University and Edo State University.
He called on former public officials to cooperate with the reviews, reaffirming that transparency and accountability remain central to governance.
- NAN
