Edo State Asset Verification Committee has disclosed that the administration of former Governor Godwin Obaseki left behind a substantial debt of N682.57 billion.
Presenting the committee’s findings to Governor Monday Okpebholo on Wednesday, Chairman Ernest Umakhihe highlighted financial discrepancies and questionable contract allocations under the previous leadership.
The extensive 3,900-page report revealed that when Obaseki took office in 2016, the state’s debt stood at N84 billion.
Over the years, liabilities increased by more than 900%, raising concerns about fiscal mismanagement.
According to the committee, numerous contracts awarded during the past administration exhibited irregularities, prompting calls for a thorough review of all agreements and Memorandums of Understanding.
One significant finding was the state’s N19 billion investment in a hotel project, despite owning only 20% of it.
The remaining 80% was reportedly controlled by a company established in 2024, which had not contributed funds at the time of the agreement.
Additionally, the report uncovered that 22 contracts, valued at N22 billion, were awarded for ICT-related projects, with 18 companies receiving payments totaling N17 billion by November 2024.
Concerns were also raised about non-state actors managing the backend of the e-governance platform.
Further scrutiny fell on projects such as the modular refinery, the Museum of West African Arts, and the renovation of Stella Obasanjo Hospital.
Despite a budget of nearly N1 billion, the hospital was commissioned before completion.
Regarding a $75 million World Bank fund designated for basic education reform, the report stated that only $5 million was allocated to the Edo State Universal Basic Education Board.
Of this amount, just $2.5 million was used before the project concluded, while the remaining $70 million was reportedly handled directly by the governor’s office under a “Performance for Results” arrangement.
The committee recommended forensic investigations into assets and enterprises tied to the state before Obaseki’s tenure, legal action against implicated officials, blacklisting of indicted companies, prosecution of contractors who violated regulations, and a full audit of the Edo BEST programme to track the use of World Bank funds.
Receiving the report at the Government House in Benin City, Governor Okpebholo expressed gratitude for the committee’s dedication and assured that the recommendations would be implemented.
“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.
In response, Umakhihe stressed that the report was not merely an assessment of past actions but a directive for necessary reforms.
However, when reached for comment, Crusoe Osagie, former Governor Obaseki’s Special Adviser on Media Projects, dismissed the allegations. He accused the committee of distorting facts and misleading the public.
“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 and 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 is all false,” he said.
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