Cult violence cost Edo over $1bn annually -Okpebholo.
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Edo State Governor, Senator Monday Okpebholo, has revealed that prolonged cult-related violence has cost the state more than $1 billion in potential investments every year, warning that the economic consequences of insecurity have been staggering.
According to him, years of unchecked violence between rival cult groups devastated Edo’s economy, led to widespread loss of life and property, and shattered investor confidence.
In a statement released by his Chief Press Secretary, Fred Itua, the governor lamented that the insecurity crisis had discouraged investments and crippled key sectors such as tourism, hospitality, transportation, and commerce.
Itua noted that the situation, which escalated in the five years before Okpebholo assumed office, created fear across communities and disrupted commercial activities in the state’s most economically vibrant areas.
He said that many Edo natives in the diaspora, although topping the list of Nigerians who send remittances back home, had chosen to invest in other states, leaving their homeland behind due to fears over violence and instability.
“Statistics from the Diaspora Commission show that 95% of remitted funds from Edo indigenes abroad were diverted to other states because of the insecurity.
“This loss in disposable income, the closure of businesses, and the collapse of the tourism sector severely affected the state’s economy,” Itua explained.
He added that public infrastructure and commercial hubs suffered as many business owners shut down permanently, while the state witnessed a sharp drop in visitors.
However, since Governor Okpebholo declared a total war on cultism, the narrative has begun to shift, it was reliably gathered
The government’s firm stance, backed by coordinated action and stakeholder engagement, is already yielding positive results.
Community leaders, youth organisations, and civil society groups have joined the fight to reclaim communities and end violence.
“Sanity is returning, especially to Benin City, once a hotspot for cult clashes. The restoration of peace is breathing new life into the state,” Itua stated.
Content retrieved from: https://nigerianobservernews.com/2025/05/cult-violence-cost-edo-over-1bn-annually-okpebholo/.
