Gov Okpebholo: Edo State loses over $1bn worth of investments annually over cult-related violence

Gov Okpebholo: Edo State loses over $1bn worth of investments annually over cult-related violence

The Edo State Governor, Senator Monday Okpebholo has expressed deep concerns over the adverse impacts of long years of cultism on the state’s economy, particularly the loss of lives and the the loss of over $1 billion worth of potential investments annually.

These acts of violence, predominantly driven by clashes among rival cult groups, have not only led to tragic loss of lives and property but have also discouraged investments and tourism, ultimately slowing economic growth.

The Chief Press Secretary to the Governor, Fred Itua, stated that the high spate of cult-related violence in the last five years, long before Governor Okpebholo assumed office, has caused substantial disruptions to economic activities, as investors and business owners increasingly grew wary of the security situation.

“What we have witnessed in Edo was more than a threat to public peace—it was a significant drain on our economic potential.

“According to statistics by The Diaspora Commission, Edo State tops the list of states with the highest remittance from the diaspora. However, 95% of the repatriated funds ended up in different states because of cultism and other violent crimes as our people in the diaspora were scared of coming home to invest. This loss in disposable income, closure of businesses, and decline in tourism severely impacted the state’s business climate,” Itua said.

He noted that the state’s critical infrastructure and commercial centers were also affected, with some businesses forced to shut down temporarily or permanently, owing to security concerns. The fear of violence also deterred potential visitors, resulting in a downturn in hospitality, transportation, and other tourism-related sectors.

Itua said the narrative has however changed, since Governor Okpebholo declared a total war on cult-related violence in Edo State.

He said the efforts of Governor Okpebholo are already yielding results, with more stakeholders joining the support groups against cult-related violence in Edo State.

Itua noted that the State is regaining its lost glory and that sanity is being restored. He urged Edo sons and daughters both in Nigeria and in the diaspora to bring their investments home and help in the economic development of the state.

“Governor Monday Okpebholo is restoring peace to Edo State, especially in Benin City, where cult-related violence had held sway for too long. Our hardworking sons and daughters, both in Nigeria and in the diaspora, can now bring their investments to their home land, Edo State.

“Hospitality is a big business in Edo State. We have real estate. Governor Okpebholo is also sanitizing land administration. This means Edo people can now invest massively in real estate.

“Agriculture is a viable sector in Edo State, and it can bring huge returns on investments and create jobs for our people. Governor Okpebholo is urging our people to look towards that direction.

“We have the skills, and the needed support will be given by the administration of Governor Okpebholo for Edo people to set up industries, hotels, commercial farms, real estate, and other key investments. These investments will be protected and guaranteed by the State Government,” Itua noted.

“As for the remnants of miscreants still holding sway in some isolated areas, Governor Okpebholo is engaging community leaders, youth groups, civil society organizations, and security stakeholders to foster peace-building and tackle the root causes of cultism.

“This is not a fight for government alone. It is a collective responsibility. We are calling on all well-meaning Edo citizens to work with Governor Okpebholo in reclaiming our communities from the grip of violence,” Itua added.

He reassured the public that Governor Okpebholo remains committed to building a safe and secure environment where businesses can flourish and citizens can live without fear.

“Edo State has immense economic potentials. Governor Okpebholo will not allow violence and cultism to define our future. With the right partnerships and firm action, Governor Okpebholo is restoring peace, attracting investments, and repositioning our economy for sustainable growth.”