Obaseki’s aide differs as Edo asset panel uncovers N282bn debt
The Edo State Assets Verification Committee, led by Ernest Umakhihe, submitted its report to Governor Monday Okpebholo on Wednesday, stating that the immediate past administration under Godwin Obaseki left behind a staggering debt profile of N682,565,164,814.55.
The committee also said it noted several irregularities in the award of contracts during Obaseki’s tenure and recommended that all contracts and Memorandums of Understanding be thoroughly reviewed.
But Obaseki’s Special Adviser on Media Projects, Crusoe Osagie, disagreed with the report and accused the committee of deliberately misinforming the public and misinterpreting the events of the Obaseki administration.
“For the benefit of the people of Edo State and the public, every activity of the government was in the report of the transition committee which was handed to the new government. Everything raised in their so-called verification committee is nothing but falsehood. In the coming days, we will publish everything item by item for the people of the state to see. The Okpebholo government is in possession of everything that the Obaseki government did, and what the committee is claiming are all false,” Osagie said.
In its over 3,900-page report, the Umakhihe-led committee said the debt left by the Obaseki administration was 900 percent higher than the N84bn debt it inherited from the administration of Adams Oshiomhole in 2016.
The report also raised concerns regarding the ongoing construction of a Five-Star Hotel, which was being funded with a state financial commitment of N19bn.
The committee pointed out that despite Edo State’s substantial investment, the state only holds a 20 percent share in the hotel, while a company, allegedly established in 2024, holds 80 percent—and curiously, this company had not contributed any funds to the project by the time the ownership agreement was finalised.
On the subject of Information and Communication Technology, the committee said it found that 22 contracts worth N22bn were awarded for ICT-related activities, with 18 different companies involved.
It said by November 2024, over N17bn had already been paid.
The report expressed concern that non-state actors were allegedly controlling the back end of the state’s E-Gov platform, despite the government spending billions on consultancy services.
It listed other controversial projects from the last administration including the modular refinery, the Museum of West African Arts—which was presented as a private-sector-driven project, but the state government had already spent over N5bn in cash and assets—and the renovation of the Stella Obasanjo Hospital, which was valued at nearly N1bn but was neither completed nor properly inaugurated by Obaseki’s administration.
The report criticised the alleged lack of adherence to procurement processes.
The committee also highlighted issues within the EdoBEST programme, saying that out of the $75m allocated by the World Bank for basic education reforms and school renovations, only $5m directly reached the State Universal Basic Education Board , which was responsible for implementation.
The panel alleged that the remaining 93% ($70m) was managed directly by the governor under a Performance for Results arrangement. SUBEB staff reported that only $2.5m of the $5m allocated to them was accessed before the project concluded.
The committee recommended several actions, including a forensic investigation into the ownership of companies, enterprises, and properties in Abuja, Lagos, and other locations where the state had prior interests during Obaseki’s tenure.
It also suggested the prosecution of indicted ex-officials and the blacklisting of companies that violated the state’s laws, along with a full investigation into the EdoBEST programme, especially the utilization of the $75m from the World Bank.
Upon receiving the report at the Government House in Benin City, Governor Okpebholo expressed his appreciation for the committee’s efforts and assured that their recommendations 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,” Governor Okpebholo stated.
In response, the committee chairman, Umakhihe, emphasised that the findings were not just a reflection of past actions but also a call to action for the future.
“The report provides a comprehensive breakdown of Edo State’s assets and liabilities, including outstanding debts, contractual obligations, and financial commitments. It highlights concerns over mismanagement, improper allocation of resources, and the misuse of consultants in government operations, which created opportunities for corruption and abuse,” Umakhihe said.
