Kehinde Fajobi
The Edo State Asset Verification Committee has uncovered that the administration of former Governor Godwin Obaseki left behind a staggering debt of ₦682.57 billion.
The report was presented to Governor Monday Okpebholo by committee chairman Ernest Umakhihe on Wednesday, highlighting financial irregularities and questionable contract awards under Obaseki’s leadership.
According to the committee’s findings, the state’s debt had grown by over 900% from ₦84 billion in 2016, when Obaseki assumed office.
The committee’s 3,900-page report identified numerous anomalies, including irregularities in the award of contracts, and called for a comprehensive review of all contracts and memorandums of understanding (MoUs) signed during the previous administration.
One of the more concerning revelations was that the state government invested ₦19 billion in an ongoing hotel project, only to hold a 20% stake while a company established in 2024 controlled 80%, despite contributing no funds at the time of the agreement.
Additionally, the report noted that 22 contracts worth ₦22 billion were awarded for ICT-related projects, with ₦17 billion already paid by November 2024.
It also raised alarms over the management of the e-governance platform’s backend by non-state actors.
The committee flagged other notable projects for irregularities, including the modular refinery, the Museum of West African Arts, and the renovation of Stella Obasanjo Hospital, which had cost nearly ₦1 billion but was commissioned before completion.
The report further revealed that out of the $75 million World Bank funding for basic education reforms, only $5 million reached the Edo State Universal Basic Education Board, with just $2.5 million accessed before the project concluded.
The remaining $70 million was reportedly managed directly by Obaseki’s office under a “Performance for Results” arrangement.
Among the committee’s recommendations were a forensic analysis of the ownership of companies and properties tied to the state in Abuja, Lagos, and other locations, prosecution of indicted ex-officials, blacklisting of implicated companies, and a full investigation into the Edo BEST programme and the management of the World Bank funds.
In response to the report, Governor Okpebholo praised the committee’s efforts and assured that the findings would be acted upon.
“I appreciate the committee for a job well done and the time invested in this exercise. I understand the challenges you faced, yet you successfully carried out this crucial assignment.
“Rest assured that your findings and recommendations will be implemented appropriately,” he stated.
However, Crusoe Osagie, the Special Adviser to Obaseki on Media Projects, rejected the committee’s allegations.
He accused the committee of misinforming the public, stating that all activities of the previous government had already been documented in the transition report handed over to the new administration.
“What the committee is claiming is all false. In the coming days, we will publish everything item by item for the people of the state to see,” Osagie added.