BENIN CITY – The Edo State House of Assembly has empowered Governor Monday Okpebholo to collaborate with anti-graft agencies to recover N17.5 billion allegedly held by two escrow agents—Meristen Trustees Limited and Emerging Africa Trustees Limited—linked to the Radisson Blu Hotel project in Benin City.

The amount represents part of the unaccounted N25 billion bond raised by the administration of former Governor Godwin Obaseki for the hotel investment.

In a resolution following the submission of an investigative committee’s report, the lawmakers directed Governor Okpebholo to obtain full account statements of the transaction and reclaim ownership and control of the Radisson Blu Hotel on behalf of the Edo State Government.

The Assembly’s committee found that the Escrow Agreement was never validly executed, rendering it defective.

The report also revealed that the supposed investor failed to make any payments into the state coffers.

The hotel, purchased outright by the Edo State Government for N2 billion on December 23, 2021, never had its title transferred to the Ministry of Finance Incorporated (MOFI) or the Hospitality Investment and Management Company (HIMC).

The Assembly declared as fraudulent the Deed of Assignment dated May 25, 2023, involving Cable & Rod Nigeria Limited, MOFI, and HIMC.

Further findings showed that the Certificate of Occupancy issued in HIMC’s name was illegal, and no State Executive Council or Assembly approval authorised any transfer of the property.

Several agreements were also invalidly executed, with alleged conflicts of interest involving former Governor Obaseki.

The Assembly resolved that the fraudulent Certificate of Occupancy be revoked, ownership of the property restored to the state, and competent professionals engaged to complete renovations and put the hotel to productive use.

Governor Okpebholo was mandated to initiate legal proceedings and collaborate with anti-graft agencies to recover the N17.5 billion and full account details held by the escrow agents.

Lawmakers emphasized that the Radisson Blu Hotel rightfully belongs to the Edo State Government and stressed the need to protect public assets and recover any lost state funds.