Edo State Commissioner for Information and Strategy, Prince Kassim Afegbua on Sunday disclosed that the State Government is currently servicing an Irrevocable Standing Payment Order (ISPO) of about ₦385 million monthly linked to a ₦25 billion capital market facility obtained by the immediate past administration for the Radisson Hotel project in Benin City.

The Commissioner who made the disclosure in a statement on Sunday, noted that the financial obligation borne by the state has prompted a broader internal review of the transaction and its underlying equity structure.

Afegbua pointed out that while the state government continues to shoulder the repayment burden for the hotel project, serious questions have emerged over reports that a private investor controls 80 per cent equity in the venture, leaving Edo State with just 20 per cent, despite the scale of public funds committed.

According to him, preliminary records reviewed by the current administration indicate that the ₦25 billion facility was raised in the name of Edo State and that the project had commenced before a private investor was introduced at a later stage.

“The concern is not political; it is about understanding how public funds were deployed and how equity interests were structured in a project financed with state resources,” Afegbua said.

He added that documentation examined so far does not clearly show the extent of financial contribution made by the private investor before the equity arrangement was restructured.

Afegbua also noted that there is, as yet, no evidence of a competitive bidding process tied to the introduction of the investor.

The commissioner disclosed that the ongoing review extends beyond the Radisson Hotel to other major projects inherited by the administration of Governor Monday Okpebholo, including the Museum of West African Art (MOWAA).

Afegbua stressed that the Okpebholo administration is guided by due process and a commitment to transparency and accountability in public finance management.

“We owe Edo people clarity on how their money was used. This is essential for planning, governance continuity and historical record,” he stated.

He further revealed that upon the conclusion of the internal review, the state government would take appropriate steps in line with the law, including engagement with relevant regulatory and anti-corruption agencies where necessary.

Responding to criticisms from the opposition Peoples Democratic Party (PDP), Afegbua said the government remains open to constructive engagement but urged political actors to allow institutional review processes to proceed without interference.

On power supply arrangements at Government House, the commissioner clarified that the Edo State Government has no ownership stake in the Ossiomo Power Plant.

He explained that the government merely adopted alternative energy sources, including solar power and Benin Electricity Distribution Company (BEDC) supply, as part of cost-efficiency measures.

Afegbua added that Governor Okpebholo has prioritised infrastructure delivery and funding interventions for key public institutions, including Ambrose Alli University, Ekpoma, and Edo State University, Uzairue, as part of efforts to stabilise critical sectors of the state’s economy.

He called on former public officials with relevant information to cooperate fully with the ongoing reviews, reiterating that transparency and accountability remain central pillars of good governance in Edo State.