Almost broke Anambra was left with N75b savings by Obi in 2014
By Jeph Ajobaju, Chief Copy Editor
Peter Obi repeated on Tuesday that he saved up N75 billion in the Anambra treasury before he left office in 2014, hours after new Governor Charles Soludo announced on Arise TV that he inherited N109 billion debt from Willie Obiano.
The scale of the waste coupled with alleged fraud led the Economic and Financial Crimes Commission (EFCC) to arrest Obiano on 17 March.
And the mismanagement was amplified on Wednesday when Anambra Internal Revenue Service (AIRS) Chairman David Nzekwu disclosed that the state is owed N513.9 billion by residents and business owners – which piled up under Obiano.
Obiano did not build on the N75 billion Obi left in the coffers. Rather he squandered it and then amassed N109 billion debt for the state.
The EFCC, which had put Obiano on a watch list, arrested him at the Lagos Airport as he was about to sneak out to Houston, United States in the evening of 17 March, the day he handed over to Soludo.
“Obiano was arrested for alleged misappropriation of public funds, including N5 billion Sure-P and N37 billion security vote which was withdrawn in cash.
“Part of the funds was also allegedly diverted to finance political activities in the state,” EFCC spokesperson Wilson Uwujaren explained.
The EFCC released Obiano on 23 March after he fulfilled his bail conditions, but the graft buster withheld his passport as part of the conditions.
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2.1m potential tax payers owe Anambra
Nzekwu explained in Awka that the N513.9 billion debt is the total taxes owed by more than 2.1 million potential tax payers enrolled on the AIRS digital database.
Nzekwu, who assumed office in March 2018, said internally generated revenue (IGR) grew from N17 billion per year in 2018 to N30.9 billion in 2021.
Despite that 81.76 per cent leap in IGR, Soludo announced on Arise TV that he met “about N300 to N400 million” in the treasury and about N109 billion debt when he assumed office on 17 March, as reported by PREMIUM TIMES.
“Everybody knows that the state finances are not quite robust, to put it mildly.
“The cash we met in various banks, if I remember correctly, I think N300 or N400 million, and then from the audited account as (of) December 2021, the debt (was) about N109 billion,” he said.
“We intend to have a very transparent public financial management where we are going to be publishing everything. Everybody will know what is there and what is not there, what penny comes in and what it is used for.”
Obi’s reaction
Obi had clarified in June 2015 that he did not owe any local or foreign debt during his tenure from 2006 to 2014 and dismissed reports that he left a debt of N17.6 billion.
After Soludo’s disclosure on Tuesday, Obi reminded the public that he handed over to Obiano a treasury with N75 billion in cash and investment.
He spoke in a statement issued through his media aide Valentine Obienyem, published by Prime Business.
The statement reads in part: “As for those in the habit of arguing against what they do not understand, I hope you will commend the debt burden that will weigh Anambra down as revealed by … Soludo.
“May I present to you the rationale behind Obi’s savings in the State as he himself explained.
“These are the reasons he is qualified for leadership at any level. In fact, we need such a man for Nigeria to re-discover herself.
“Obi’s explanation why answering a query from the CLO:
“N75 billion handed over: On the issue of N75 billion left in cash and investments, let me reinstate that this is absolutely correct, properly documented and can be scrutinised by anybody that wishes to do so.
“However, the CLO’s question is on the $156 million in denominated bonds, which is today valued at about $200 million (over N70 billion), said to have been left or invested.
“On this I wish to state categorically that the amount of $156 million being future savings for and on behalf of Anambra State was made as follows:
- “With Fidelity Bank – $56 million
- “With Diamond Bank – $50 million
- “With Access Bank – $50 million
“Those funds, being long-term investments backed by law, if they are still available in the banks, and I earnestly wish they are, presently should be worth about $200 million as stated in the CLO inquiry ….”
