Hobnob News — Edo State Governor, Senator Monday Okpebholo, has sounded a stark warning over the severe economic toll cultism has taken on the state, revealing that over $1 billion in potential investments are lost each year due to violent cult-related clashes.
In a statement released by the Governor’s Chief Press Secretary, Fred Itua, the financial setback is largely driven by widespread fear and instability resulting from ongoing rival cult group confrontations, particularly intensifying over the past five years.
Itua highlighted that cult violence has become a major barrier deterring investors, local businesses, and diaspora Edo indigenes from bringing funds into the state over safety concerns.
“What we have witnessed in Edo is not just a threat to public peace—it is a massive drain on our economic prospects,” Itua said. Citing data from the Nigerian Diaspora Commission, he pointed out that Edo ranks highest in diaspora remittances nationally. However, insecurity has led to 95% of these funds being invested elsewhere, robbing Edo of vital capital inflows.
“This loss of disposable income, coupled with business closures and a decline in tourism, has seriously damaged the state’s business environment,” he explained. Key infrastructure and commercial hubs have been affected, with sectors like hospitality, transportation, and tourism suffering major setbacks due to the drop in visitor numbers.
Despite these challenges, Itua affirmed that Governor Okpebholo’s administration is turning the tide. Since declaring a full-scale war on cultism, the governor has initiated firm measures to restore law and order.
“Governor Okpebholo is actively restoring peace to Edo, especially in Benin City, where cult violence had long disrupted lives and livelihoods,” Itua stated.
The crackdown is already showing positive outcomes, attracting support from civil society, youth groups, and community leaders rallying against cultism.
The administration is calling on Edo citizens at home and abroad to return their investments to the state, emphasizing promising opportunities in hospitality, real estate, and agriculture.
“Governor Okpebholo is also reforming land administration to create a safer environment for real estate investment. Agriculture remains a strong sector with the potential to generate jobs and high returns,” Itua added.
Collaborating closely with community leaders and security agencies, the governor is working to dismantle remaining cult strongholds to secure lasting peace.
“This fight is not government’s alone—it requires the collective effort of all well-meaning Edo citizens to reclaim our communities from violence,” Itua stressed.
Reaffirming the governor’s commitment, Itua concluded, “Edo has tremendous economic potential. Governor Okpebholo will not allow cultism and violence to define our future. Through strong partnerships and decisive action, peace is returning, investments are coming back, and Edo’s economy is being positioned for sustainable growth.”
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