Pioneer Director General of the Edo State Diaspora Agency, Izehi Ogboro-Okor, has clarified the controversy surrounding the $250 million investment deal recently announced by the state government, explaining that the Memorandum of Understanding (MoU) signed was an expression of interest and not a finalized contract.
Speaking on ARISE News on Monday, Ogboro-Okor emphasized that the agreement was signed to create a formal framework for collaboration while due diligence, verification, and feasibility studies continue.
“An MoU is a non-binding agreement that expresses an intention to work together. It was completed on the 23rd. Investment procedures start with an MoU; it is not legally binding but defines direction and shared goals. They will bring the funds in tranches over three to five years,” she explained.
She reiterated that Governor Godwin Obaseki remains committed to driving sustainable economic growth in Edo through public-private partnerships and innovation, adding that the process followed due diligence and involved credible investors with verified track records.
Addressing public skepticism, Ogboro-Okor dismissed claims that the deal was hastily arranged or that the Scotland summit—where the MoU was signed—was a vacation disguised as an investment mission.
“We went to Scotland for a summit, and we had letters to the First Minister of Scotland three months before the event, and to the Ministry of Foreign Affairs four months before. To say everything was arranged in two days is untrue,” she said.
According to her, the Edo Global Investment Summit, which birthed the MoU, was a well-planned event designed to attract credible investors. The Euro-African Chamber of Commerce and Industries expressed its intention to invest in key sectors such as mining, agriculture, education, and human capacity development.
“Their Director General joined the hybrid event via Zoom to discuss what attracted them to Edo — our natural resources, land potential, and developmental commitment,” Ogboro-Okor added.
She also noted that top officials attended the event, including the Acting Nigerian High Commissioner to the UK, and that Governor Obaseki had a structured schedule involving cultural engagements and investor meetings.
On criticisms that Nigerians doubt local-led initiatives, she cautioned against a “colonial mindset” that discredits homegrown development efforts.
“Americans invest in America, Britons invest in Britain — why shouldn’t Nigerians invest in Nigeria? Edo sons and daughters have the right to invest in their state,” she said.
Ogboro-Okor revealed that additional engagements are already underway with Germany’s Voice Aid Association, led by Astrid Arends, and Fortune 500 companies currently in Edo exploring opportunities in renewable energy, education, and capacity building.
“Development takes time. It’s a marathon, not a sprint,” she concluded.
