Photo: Former Edo Governor, Godwin Obaseki
By Didimoko A. Didimoko
Lawmakers in Edo State have authorised Governor Monday Okpebholo to work with anti-corruption agencies to recover ₦17.5 billion in bond proceeds still held by two escrow agents appointed under former Governor Godwin Obaseki.
The funds represent the balance of a ₦25 billion capital-market loan raised by the previous administration for the renovation of the Radisson Blu Hotel project.
According to a report submitted to the state Assembly, the escrow agreement governing the hotel’s transfer to the Hospitality Investment Management Company was never properly executed, rendering it invalid.
Legislators said the private investor failed to meet payment obligations, and that none of the ₦10 billion reportedly contributed by the investor was received by the state treasury. They also noted that ownership of the hotel was never legally transferred from the Edo government to any of the designated holding entities.
The Assembly directed Okpebholo to reclaim full control of the property, revoke what it described as a fraudulent certificate of occupancy issued to the Hospitality Investment and Management Company, and appoint competent contractors to complete the hotel’s renovation.
The lawmakers also urged the government to initiate legal action to recover the complete statement of account and the remaining bond funds held by Meristen Trustees Limited and Emerging Africa Trustees Limited.
