Edo Assembly Orders Recovery of N17.5bn Radisson Blu Funds, Moves To Reclaim Hotel

Lawmakers in the Edo State House of Assembly have given nod to Governor Monday Okpebholo to work with relevant anti-graft agencies to recover N17.5 billion from two Escrow Agents, Meristem Trustees Limited and Emerging Africa Trustees Limited.

The N17.5 billion was the balance of the N25 billion former Governor Godwin Obaseki raised from the Capital market to invest in the Radisson Blu Hotel.

Besides the funds, the lawmakers also asked Governor Okpebholo to recover the complete statement of account.

Both agents were present at the investigative panel established by the Assembly to examine the ownership and funding of the Radisson Blu Hotel.

Former Governor Godwin Obaseki appointed them to oversee the transfer of the Radisson Blu Hotel to the Hospitality Investment Management Company.

According to the report submitted by the Committee, the Escrow Agreement was not executed by the supposed Escrow Agents, thereby invalidating the Agreement, and the supposed investor failed to meet the payment schedule outlined in the ‘defective Escrow Agreement.’

It stated that no kobo from the N10 billion paid by the investors entered the state government’s coffers.

Besides the recovery of the N17.5 billion, the Assembly asked Governor Okpebholo to retake full and total control of the Hotel.

It said the Edo State government did not receive a kobo for the Hotel, and the title to the Hotel was never transferred from the Edo State Government to either the Ministry of Finance Incorporated (MOFI) or the Hospitality Investment and Management Company (HIMC).

“That the Edo State Government should contract competent hands to complete the renovation of the Hotel and take all steps to put the Hotel to use for the benefit of the good people of Edo State, in particular, and the world in general.

“The Edo State Government should immediately revoke the fraudulent Certificate of Occupancy to the property issued in the name of Hospitality Investment and Management Company Limited and revert the same to the Edo State Government that purchased the property.

“That the Edo State Government initiate legal action and work with relevant Anti-graft Agencies to retrieve both the complete statement of account and the balance of the Seventeen Billion, Five Hundred Million Naira (N17, 500,000,000.00) Bond proceeds still in the possession of the Escrow Agents, Meristem Trustees Limited and Emerging Africa Trustees Limited”