The Radisson Hotel project in Edo State has become a focal point of contention between the state government and the Peoples Democratic Party (PDP), with both sides offering starkly different accounts of its financing and equity structure. The controversy underscores broader debates regarding public finance management, transparency, and the legacy of past administrations in the state.

Edo State Commissioner for Information and Strategy, Kassim Afegbua, disclosed that the state government is currently servicing a monthly Irrevocable Standing Payment Order of N385 million for the Radisson Hotel project. This obligation, he explained, stems from a N25 billion capital market facility secured by the previous administration of Godwin Obaseki. Afegbua expressed concern over the project's equity arrangement, noting that a private investor reportedly holds 80 percent equity while the state retains only 20 percent, despite the state's substantial financial exposure. He pointed out that preliminary records indicate the state raised the N25 billion facility and initiated the project before the introduction of a private investor, questioning the private investor's financial contribution prior to equity restructuring. Furthermore, the commissioner stated that no evidence of a competitive bidding process was identified during the state's assessment.

Afegbua clarified that the government's concern is not political but centers on understanding the deployment of public funds and the structuring of equity interests. He mentioned that the review extends to other inherited projects, including the Museum of West African Art, aiming to ascertain the state's financial obligations, liabilities, and benefits. The Governor Monday Okpebholo administration, he stressed, is committed to due process, transparency, and accountability in public finance. Afegbua affirmed that following these reviews, the government would take appropriate legal action, including engaging regulatory and anti-corruption agencies if necessary, to ensure clarity for the people of Edo State regarding the use of their money.

In response, the Peoples Democratic Party (PDP) in Edo State, through its Publicity Secretary Dan Osa-Ogbegie, dismissed Afegbua's comments as "misleading and politically motivated." The PDP asserted that these remarks were part of a "desperate smear campaign" designed to discredit the administration of former Governor Obaseki. Osa-Ogbegie explained that the Radisson Hotel project was a "properly structured PPP" (Public-Private Partnership), with the state's N2 billion contribution serving as "seed equity" to de-risk the project and attract credible private capital.

The party spokesperson further elaborated that additional funds referenced by the state government, including portions of bond proceeds, were deployed as loans to a Special Purpose Vehicle (SPV) established for the project. These loans, he clarified, came with clear repayment obligations tied to the hotel's future operations, defining this financial strategy as "development finance" rather than "plunder." Osa-Ogbegie maintained that the state retained equity in the project and vehemently denied claims that the hotel was sold cheaply or transferred to political cronies, emphasizing that former Governor Obaseki had no direct or indirect ownership interest. He asserted that the state's investment had appreciated significantly even before the hotel commenced operations, demonstrating strategic, long-term economic planning. The PDP spokesperson criticized Afegbua's comments as reflecting a "frightening illiteracy in finance and contemporary development economics," noting that instruments like project-finance loans, equity contributions, and asset-backed repayment structures are standard worldwide, referring to what the commissioner dismissed as 'voodoo financing' as the language of modern infrastructure development.

Osa-Ogbegie accused the current administration of being "obsessed" with dismantling Obaseki-era projects, citing previous disputes over the Museum of West African Art and the Ossiomo Power Project. He cautioned that repeated public attacks on investors could severely damage Edo State's credibility and deter much-needed capital, posing rhetorical questions about how such actions could create jobs or improve the lives of youths. The PDP pledged to continue defending what it described as Obaseki's record of fiscal discipline, transparency, and investment-led growth, urging Edo residents to reject what they termed "the politics of destruction" and demand governance focused on tangible results rather than mere rhetoric.