Edo State Governor, Senator Monday Okpebholo, has disclosed that the state loses over $1bn annually in potential investments due to rampant cult-related violence.
In a statement released on Wednesday by his Chief Press Secretary, Fred Itua, the governor lamented that insecurity fueled by rival cult clashes had become a major obstacle to economic development in the state.
“What we have witnessed in Edo was more than a threat to public peace—it was a significant drain on our economic potential,” Itua stated.
He noted that the fear created by incessant cult violence has driven investors and diaspora-based Edo indigenes to channel funds to other, safer states. Despite Edo topping the list of states with the highest diaspora remittances, Itua said 95 percent of those funds are invested elsewhere.
“This loss in disposable income, closure of businesses, and decline in tourism severely impacted the state’s business climate,” he added, citing damage to key sectors such as hospitality, transportation, and real estate.
However, Itua affirmed that Governor Okpebholo has declared total war on cultism, and his administration is already witnessing positive outcomes.
“Governor Okpebholo is restoring peace to Edo State, especially in Benin City, where cult-related violence had held sway for too long,” he said.
The government’s crackdown has attracted support from civil society groups, youth leaders, and community heads.
The administration is also urging Edo indigenes to invest in key sectors like agriculture, hospitality, and real estate, with ongoing reforms in land administration aimed at boosting investor confidence.
“This is not a fight for the 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 appealed.
He reaffirmed the governor’s commitment to making Edo a safe, business-friendly environment.
“Edo has immense economic potential. Governor Okpebholo will not allow cultism and violence to define our future. With strong partnerships and firm action, peace is being restored, investments are returning, and Edo’s economy is being repositioned for sustainable growth,” he added.
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