A $250 million investment deal announced by Governor Monday Okpebholo during a recent visit to Scotland is stirring controversy, as doubts emerge over the capacity and credibility of the European African Chamber of Commerce and Industry (EACCI), the organization purportedly behind the funding.
Governor Okpebholo, who had traveled to Glasgow as part of his administration’s efforts to attract foreign direct investment under the SHINE agenda, stated that the EACCI committed to investing $250 million over a three- to five-year period. However, scrutiny over the organization and its leadership has thrown the announcement into question.
The Director General of the chamber, Dr. Kingsley Obasohan, participated in the Edo State Global Investment Summit virtually and was the one who formally announced the commitment. He said the investment would span several key sectors including agriculture, mining, technical education, skills acquisition, and safe water infrastructure.
But questions about the legitimacy and financial strength of the EACCI have arisen, especially given its previously unknown track record in Nigeria and Edo State in particular. Online inquiries into the chamber and its leadership have yielded few concrete results. A phone number listed on the EACCI website was reportedly answered by a woman who did not speak English, adding to the skepticism.
Further complicating matters, close associates of Dr. Obasohan indicated that he would need board approval before engaging with the media on the subject, fueling speculation about the transparency of the deal.
In reaction to the situation, the Edo State chapter of the Peoples Democratic Party (PDP) has demanded full disclosure from Governor Okpebholo. The party’s spokesperson, Daniel Noah Osa-Ogbegi, criticized the government for what he described as opaque fiscal practices.
“We will hold Governor Okpebholo accountable to the people of Edo State. This proposed investment has become a source of embarrassment because of the information surfacing about the EACCI,” Osa-Ogbegi stated. “We are committed to shedding light on fiscal policies that appear to sidestep transparency and responsibility.”
Development advocate and journalist Tony Erha, however, defended Dr. Obasohan’s involvement, saying the funds are targeted at tackling poverty and youth unemployment in Edo State. He noted that the chamber has similar initiatives running in other African nations and partnerships forming with the Federal Government.
According to Erha, “Dr. Obasohan should not be vilified for presenting a development-focused initiative. He is not politically active in the state and is simply representing a commitment made by his organization.”
The Secretary to the Edo State Government, Umar Musa Ikhilo, also weighed in on the deal, explaining that the state government entered into a Memorandum of Understanding (MoU) with the EACCI during the Glasgow summit.
“One of the chambers of commerce present at the summit, the European African Chamber of Commerce and Industry, signed an MoU with the Edo State Government for a $250 million investment over the next three to five years,” Ikhilo said. “This is part of efforts to channel diaspora remittances into productive investments, rather than consumption.”
Ikhilo added that the summit had attracted interest from other international stakeholders and revealed that a Scottish business delegation would visit Edo in the coming months to inspect project areas and begin follow-up engagements.
As scrutiny deepens and opposition voices grow louder, all eyes remain on the state government to provide further details and assurances regarding the authenticity and feasibility of the investment deal.