The Edo Assets Verification Committee has revealed that the state government’s equity in the Radisson Hotel project has dwindled to 20%, despite a substantial investment of N17.5 billion.
The committee’s chairman, Dr. Ernest Umakhihe, disclosed this during a press briefing in Benin on Thursday, as reported by the News Agency of Nigeria.
According to Umakhihe, the state government initially paid N2 billion for land acquisition as part of the project. However, ownership changes and governance lapses reduced Edo State’s stake in the venture.
“The transaction on the Radisson Hotel project leaves so much to be desired.
“The Radisson Hotel project was another area of concern, with ownership changes reducing Edo State’s equity to 20 per cent despite government N17.5 billion investment and an initial payment of N2billion for the acquisition of land,” he stated.
The committee urged the state government to reclaim its role as the core investor in the project, emphasizing accountability and transparency in managing public assets.
The Radisson Hotel controversy is one of several governance issues highlighted by the committee regarding the previous administration’s handling of public funds and contracts.
These findings highlight the broader governance challenges and lack of oversight in project management under the previous administration.
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