12/12/2025
Edo Govt reveals how Obaseki took N25B bond to fund Edo Radisson hotel
…..”ex-Governor sold hotel to crony for peanut”, Afegbua
…..Ighodalo, Afrinvest fingered in messy deals
Edo state government has opened its audited records around how money was channeled towards a controversial project executed by ex-governor Godwin Obaseki, saying he took the sum of N25 billion bond to finance the hotel he later sold to one of his cronies for peanut.
This revelations was contained in a video posted by the state commissioner for Information and Strategy, Mr. Kassim Afegbua while dismissing Obaseki’s claim that Edo state government only spent N2 billion on Radisson hotel.
Godwin Obaseki claimed that Edo State invested only ₦2 billion in purchasing the Radisson Hotel from Chief Gabriel Igbinedion, the Esama of Benin.
However, Kassim Afegbua has countered this claim, stating that documents before him show consistent payments to Radisson from 2022 till date from government records.
He further argued that Edo State sourced ₦25 billion from the stock market, a sum that remains a debt burden on Edo taxpayers. Every month since the new administration assumed office, ₦385 million is deducted from the state’s internally generated revenue through an Irrevocable Standing Payment Order (ISPO) to service this debt.
According to Afegbua, it is true that ₦2 billion was paid to purchase the land; complete with payment vouchers, dates, accounts, and beneficiaries. But that was only a fraction of the spending. He noted that additional payments were made to consultants, to Afrinvest (Obaseki’s company) for advisory services, and to Banwo & Ighodalo for legal advisory.
His words, “From the bond proceeds, the state also paid W Hospitality Group in eight tranches, all made almost on the same day, amounting to ₦24 million. Another payment of ₦1.589 billion was made to Mar & More Integrated Services for the supply and installation of mechanical works. Further payments were again made to Afrinvest, and more than ₦900 million was paid to the contractor handling the hotel project; also from the bond.
“Altogether, ₦16 billion was paid out of the bond proceeds, while ₦2.677 billion was spent directly from government accounts, as of May 2024.
At that point, Afegbua said, the project was taken away from the Ministry of Finance because of concerns and queries raised by the former Finance Commissioner regarding payment modalities and the propriety of the transactions.
The project was moved to the Office of the Chief of Staff, and thereafter, according to Afegbua, the financial trail largely “went into oblivion.”
He insisted that Obaseki’s company, Afrinvest, served as the financial adviser on the Radisson project and was receiving payments at multiple points.
“We speak with facts and figures,” he said. “All the lies told by Obaseki have now been exposed.”
As of today, Edo State continues to pay ₦385 million monthly to service the ₦25 billion bond. At one point, Afegbua added, the contractor demanded a variation of about ₦6 billion, barely six months after receiving the contract.
He further stated that Obaseki claimed he sold the Radisson Hotel to a company called T-Bree Group, owned by one of his associates. But investigations allegedly revealed that T-Bree Group was registered in May 2024, just five months before Obaseki left office.
He said Corporate Affairs Commission (CAC) records reportedly listed the man, his wife, and daughter as directors. The company had no business track record, as this was its first registration. Yet, according to Obaseki, the state had to “beg” the company to give Edo State 20% ownership, despite the state having spent over ₦20 billion on the project.
“Obaseki prides himself as a financial expert and investment banker,” Afegbua said, “but I call this voodoo financing — the work of a man who never meant well for the people.”
He concluded, “The Radisson Hotel in Edo State belongs to Edo people. It was initiated, built, and funded with Edo taxpayers’ money. It is, and remains, Edo Radisson Hotel.”
Watch out for the video for a vivid understanding of the Obaseki plundering of Edo resources.
Source: JohnMayaki.com
