Home / Business and Economy / We need public debate on the N75 Billion Obi left; Details of the money Mr.Obi left by Valentine Obienyem

We need public debate on the N75 Billion Obi left; Details of the money Mr.Obi left by Valentine Obienyem

Mr. Peter Obi
Mr. Peter Obi

Governments borrow money whenever there is need. Mr. Peter Obi did not borrow; because he felt Anambra State needed to be stabilized first and he did it completely. If well managed, the money saved for the State in foreign currency would go a long way in sustaining the development of the State.

Now, his predecessor thinks differently. He plans to undertake massive borrowing, and as far as I know, Mr. Obi has not, and is not attempting to stop him. Does Obi even have the capacity to do so? Rather than fulfil their heart desires, they must first of all tell lies about the money Obi left. They are even trying desperately to hang the cross of debt on him.

Gov. Willie Obiano of Anambra State
Gov. Willie Obiano of Anambra State
Too bad!
For clarity sake, on coming to office, Obi spent his first year to complete all the contracts awarded by his predecessor. In some cases, he had to start some from the scratch. Obi, for example, paid over 35 billion in
arrears of pension and gratuity.
Though they inflated the figures, but the point to note is that the debt they are talking about is contract sum on projects yet to be executed.
What an absurd reasoning! How can somebody, for example, say you owe 10 Naira you will use to build a house you have just conceived?
This is called incestuous reasoning!
As a matter of fact, during his inauguration, Gov. Obiano listed many projects he would undertake, some of which are building an airport, building three power stations, among others. He started 3 flyovers at the initial cost of 5 Billion Naira that was later varied to 15 Billion Naira. They diverted the money meant for the road, from Amansea to Amawbia roundabout to three flyovers. The contractor doing those flyovers is owed over 7 Billion Naira. He also started the construction of three roads to the airport simultaneously. Are these not enough reasons to convince Anambra people on the need to borrow rather than bring Mr. Peter Obi into it?
Before Chief Willie became Governor, Obi designed the road from Umueje to Oil rig with a 100 meter bridge at the cost of 9 Billion, he added two other roads including the one from Aguleri Uno with two bridges at the cost of over 20 Billion Naira. The only major road he awarded in Anambra Central is Oba-Umuoji (Stauphanet Chapel)at the
cost of 3.7 Billion Naira; in the North, Ezira-Umuomaku-Enugu-Umuonyia-Achina road (Arab Contractors) at the cost of 4.7 Billion. He did not pay mobilisation in any of the roads.
Anambra contractors were not owned one kobo under obi. In some cases they were invited to come for their payment. Today they are owed billions of Naira. In fact out of many certificates generated for payment, he has approved that certificates amounting to a little over 20 Billion Naira, but during the last payment, he paid on 2 Billion Naira. The contractors are yet to receive the money in their accounts.
On the issues of shares in Emenite and INTAFACT, I am convinced that our respected Governor Willie Obiano allowed non-professionals to raise issues on behalf of the Government of Anambra State.
The principle of handover is that one hands everything to his predecessor, even if the investment was done for the State by Adam. Some Governors sold shares of their States, but in Obi’s own case, he handed over those he met. In the case of Emenite, let it be on record that Obi
On SABmiller, as at the time Obi handed over and without prejudice to his initial investment, Anambra shares in the company was worth over 3.5 Billion Naira. Today it is worth over 10 Billion Naira. If today Anambra State Government wants to hand the company over to any person, their handover note should read 10 Billion Naira and not 3.5 Billion Naira, otherwise the person taking over will eat the unaccounted 6.5 Billion naira and argue successfully that he was handed over 3.5 Billion Naira.
On Orient Petroleum, Anambra State Government tried to deny Obi’s investment. It is not enough to say that the State’s land was used as equity, but the fact is that the land has value upon which cash was paid as compensation to the communities involved.
They said that Obi left 106.2 Billion (wrong figure) over hang on contractual debts alone. I challenge them to publish the schedule of the debts and the companies being owed. As at the time Obi left office, he paid for all the certificates generated on contracts awarded. Certificates are generated on the basis of work completed. Are they saying Obi ought to pay for contracts yet to be done? The same man saying this awarded 35 fresh roads within his first year in office at the total cost of over 81 billion Naira out of which he has paid 10 Billion Naira. On the other hand, Obi awarded roads totalling 93 Billion in his last year in office and paid a total of over 51 Billion on those roads before leaving office. Most of those roads were used to campaign for him during electioneering on the premise of continuity. In fact, he even urged Obi to award more and start the construction of the airport, but Obi told him he was working under the confines of proper planning that would not get the
Government unnecessarily encumbered.
Some may argue that it is a matter of style that while Obi tried to save for the State, the EXCO of his successor approved 5 Billion Naira for him to celebrate his first 100 days in office. He charters plane, what his
predecessor never did. Today Government house hosts all manner of parties that are orgies. One can go on and on.
They also said Obi claimed that the 10 Billion Naira federal approved refund, out of over 20 Billion Naira he used to work on Federal roads were part of the money he left. This is not true, in his handover note, he mentioned it, but he deducted it, as well as salaries (March), pension, certificates on works done, all amounting to 5 Billion Naira before arriving at 75 billion Naira. The record is there.
It is pertinent to note that two years have gone, and Anambra State Government is still debating what was left or not, even when other Governors that inherited huge debts, unpaid salaries and repayable loans and bonds have all taken off. In Obi’s first 6 months in office, he had already saved enormous money for the State- before he was
illegally impeached.
I do not know by what economics principle they classified some money put in certain areas as not investment. I think they need to explain further to us. Did Obi use the money to organise party as is now the
order of the day.
It is shocking to note that Anambra State Government said they only met 9 Billion cash in the treasury. I have taken the pains to attach the summary of Anambra cash in different banks as at 17th of March, 2017.
I have gone ahead to attach one example of the Statement on one of the account as at 17th of March (Unutilised UBEC money in Diamond Bank, which was two Billion, one hundred and one million, eight hundred and Sixty-four Thousand, Ninety Naira N2,101,864,837.90) to drive home the point that we have all the statements. We shall publish all of them in due time.
One of the most confounding claims by the Government of Anambra State government is the issue of dollar investment. They tried to prove that the investment has diminished in value, when, on the contrary, the investment has earned 8 billion Naira for the State. Let it also be noted that the investment is held-to-maturity and not for them to seek ways to sell it as they do now.
Let us look at some of the spending pattern of the present Government at Awka and juxtapose it with the claim that they have not touched the money Obi left.
1. 5 Billion Naira approved by EXCO for the celebration of the first 100 days in office
2. I Billion Naira monthly as security vote as if he buys hardware such as fighter planes
3. Hundreds of billions for 2014 christmas decoration and buying of horses
4. Paid over 2 billion Naira to water corporation (though money was 1st bank ecological funds left by Obi and garnished by the court)
5. 40 Million Naira to mount the gates at Government Lodge
6. 35 Million Naira to mount the gate at the Government House
7. Changed the roof at Government House at 700 Million Naira
8. Changed all the tiles in Government House to pale granite at 150 Million Naira
9. Bought dining table at 25 Million
10. Bought seats in his palour at 50 Million
11. Bought gold bed from the USA at 30 Million
12. Bought another gold bed for his wife at 25 Million Naira
13. Imported kitchen cabinet from the USA at 40 Million
14. Bought musical sets for Aguleri at 150 Million will use it for the first time for the party at Aguleri on Saturday, the 21st
15. Bought land of all those around him at Agulueri and re-located them elsewhere.
16. Pays his Commissioners and SAs over N400,000 monthly as against 190,000 Obi paid
17. Pays SSAs over N300,000 as against 160,000 Obi paid
18. In less than two years has used more vehicles than Obi used in 8 years
19. His SSG uses 3 Prado and 2 Hilux
20. His present Chief of Staff, Prof. Azike uses 2 Prado and 2 Hilux
21. His present Principal Secretary, Mr. Nwokoye uses 2 Prado and 1 pick up
22. And many more

From the foregoing, you will agree with me that we need a public debate on this matter so that Anambra people will be properly informed. I am ready to take on any person who is ready for the debate. This is not about calling a press conference and dishing out unadulterated lies to the people.

STATE cash balances as at 17th of March, 2014

1. STATE CASH BOOK BALANCE-N5,372,730,886.06

2. STATE SUBSIDY ACCOUNT BALANCE-N5,126,258,908.72

3. ECOLOGICAL FUNDS ACCOUNT BALANCE-N2,139,951,400.00

4. SPECIAL PROJECT ACCOUNT-N1,928,596,191.00

5. L.G.A. SUREP – SOCIAL SERVICE ACCOUNT REF: C-N1,734,069,061.69

6. JAAC ACCOUNT BALANCES-N1,389,966,705.49

7. MINISTRY OF LANDS- N640,425,745.77

8. FIDELITY BALANCESREF:A-N1,195,705,433.46

9. SET ASIDE ACCOUNTSREF:B-N4,644,149,663.40

10. MIN. OF WORKS-N1,161,706,912.93

11. MIN OF YOUTH AND SPORTS-N 425,000,000.00

12. MILLENIUM DEV. GOAL (MDG/CGS) REF: D-N 198,025,255.77

13. MIN. OF PUBLIC UTILITIES, WATER RESOURCES AND RURAL DEVELOPMENT-N 107,534,571.87

14.UNUTILIZED UBEC ACCOUNT-N2,101,864,837.90

TOTAL-N28,165,985,574.06

DETAILS OF THE MONEY MR. PETER OBI LEFT

You are all witnesses of the Press Conference by Anambra State Government denying the amount of money bequeathed it by Mr. Peter Obi.
Gov. Willie Obiano plans to borrow money massively and has chosen to lie by telling Anambra people that the amount contained in Obi’s handover note was not the true representation of reality.
I understand that some of the institutions he plans to borrow from questioned his financial prudence and ability to manage money, hence he wanted to tell them that he even met no money to talk about managing it.
Find below, the details of money handed over to him, where they were as at March 17th, 2017, for I do not know where they are now.
You cannot eat your cake and have it, you cannot live beyond your income and here we go:

A. FOREIGN CURRENCY INVESTMENT

1. Dollar investment in Fidelity Bank = There is a Fidelity Bank letter to that and the total is

$54,136,125

2. Diamond Bank: There is a Diamond Bank letter to that and the total is $50,000,000

3. Access Bank: There is an Access Bank letter to that and the total is $49,966,504.08

As at March 17th, 2017, the Naira equivalent of this was Twenty-Six Billion, five hundred million

Naira (N26,500,000,000)

In their effusion of lies called a press conference, the Anambra Government said the investment had lost value. From experts who computed the investment, the total portfolio value is now $176,293,114. This means the investment has gained $20,293,114 (N8,758,622,951)

Mr. Peter Obi who invested the money called it Anambra State Future Generation Fund (ASFGF), and they are being held till maturity. I understand the present Government in Awka plans to sell it and has already appointed a financial firm to oversee that.

Value of investment today is N35,258,622,951.14

B. CERTIFIED STATE/MDAs BALANCES

Though Obi said it was Twenty Eight Billion, One hundred and Sixty-five Million, Nine Hundred and Eighty-five Thousand Naira (N28,165,985,574), it was very far above that. Obi did so purposely to allow him what is called “financial gaps”

Below are some of the money and the banks/Account numbers of banks where they were as at March 17th, 2014, for I do not know where they are now

A. Fidelity Bank

1. Account Name: Anambra State Borehole Project Account; Account No: 5030025215; amount as at 17th March, 2014 was N115,811,677.65

2. 1. Account Name: Anambra State School Development Project Account; Account No: 5030025246; amount as at 17th March, 2014 was N354,334,833.51

3. Account Name: Ministry of Commerce and Industry; Account No: 5030005521; amount as at 17th March, 2014 was N820,649,577.74

4. Account Name: Special Excess Crude Account; Account No: 5030005239; amount as at 17th March, 2014 was N2,072,864,334.98

5. Account Name: Anambra State Special Project Account; Account No: 5030005332; amount as at 17th March, 2014 was N101,906,722.45

6. Account Name: Ministry of Works; Account No: 5030005514; amount as at 17th March, 2014 was N2,403,862,359.89

7. Account Name: Anambra Strategic Reserve Account; Account No: 5030025875; amount as at 17th March, 2014 was N808,099,248.30

8. Account Name: FAAC Statutory Account; Account No: 5030026223; amount as at 17th March, 2014 was N918,663,651.06

9. Account Name: FAAC VAT Account; Account No: 5030026230; amount as at 17th March, 2014 was N310,461,508.91

10. Account Name: Millennium Dev. Goal(MDG/CGS); Account No: 5030040689; amount as at 17th March, 2014 was N285,018,504.60

11. Account Name: Ministry of Works, Housing and Transport Account; Account No: 5030025545; amount as at 17th March, 2014 was N2,029,706,380.45

12. Account Name: Ministry of Education Account; Account No: 5030005772; amount as at 17th March, 2014 was N142,748,067.90

13. Account Name: 2013 MDG (Ekwusigo) Project Account; Account No: 5030042724; amount as at 17th March, 2014 was N199,024,262.09

14. Account Name: 2013 MDG (Idemili) Project Account; Account No: 5030042731; amount as at 17th March, 2014 was N199,024,262.09

15. Account Name: 2013 MDG (Ihiala) Project Account; Account No: 5030042748; amount as at 17th March, 2014 was N199,024,262.09

16. Account Name: 2013 MDG (Ogbaru) Project Account; Account No: 5030042755; amount as at 17th March, 2014 was N199,024,262.09

17. Account Name: 2013 MDG (Oyi) Project Account; Account No: 5030042762; amount as at 17th March, 2014 was N199,024,262.09

18. Account Name: 2013 MDG (Anaocha) Project Account; Account No: 5030042717; amount as at 17th March, 2014 was N199,024,262.09

19. Account Name: Ministry of public Utilities/ Water Resources Account; Account No: 5030045428; amount as at 17th March, 2014 was N209,420,221.47

20. Account Name: Local Govt Community Development Account; Account No: 5030042391; amount as at 17th March, 2014 was N1,734,069,061.09

21. Account Name: Capital Project Development Account; Account No: 5030045174; amount as at 17th March, 2014 was N41,963,619.65

22. Account Name: Permanent Secretary, Govt House Account; Account No: 5030047097; amount as at 17th March, 2014 was N3,048,355.196

TOTAL IN Fidelity Bank as at March 17th, 2014 was N19, 991,625,789 (Nineteen Billion, Nine Hundred and Ninety-one Million, Six Hundred and Twenty-five thousand, Seven Hundred and Eight Nine Naira.

B DIAMOND BANK

1. Account Name: Anambra State Joint Local Govt Account; Account No: 0022404540; amount N3,276,354,490.46

2. Account Name: UBE Matching Grant Account; Account No: 0031151473; amount N2,101,864,766.68

3. Account Name: UBE Matching Grant Account; Account No: 0023484282; amount N1,614,405,750.64

4. Account Name: 2012 MDG Account; Account No: 0029605487; amount N191,463,796.49

5. Account Name: Ministry of Education Account; Account No: 0036410070; amount N536,385,407.85

6. Account Name: Anambra State Subsidy Account; Account No: 0026290200; amount N5,126,258,908.72

TOTAL IS : N12,846,733,120.8

C Enterprise Bank (Now Heritage)

1. Account Name is Anambra state local Govt Edu. Set Aside A/C; Account No 1400034787, amount is N189,990,550

2. Account name is Ministry of Youth and Sports Account; Account No is 1400036145, amount is N567,904,301.24

B. Account Name is Permanent Secretary Govt House, Awka, Account; Account no is 1400036138 and Amount is N2,805,353,101.9

Total is: N3,563,247,952.33 (Three Billion, five Hundred and Sixty-three Million, two hundred and forty-seven thousand, Nine hundred and Fifty-two hundred and 33 kobo)

C. First Bank

1. Name of Account: EF/IGR Consolidated Account , Account no is 2018779464; amount is N2,139,951,400.00

Total is N2,139,951,400.00 As at March, 17th 2014

1. Foreign dollar investment (Fidelity, Diamond and Access) 26,500,000,000

2. Money in local currency(Fidelity) 19, 991,625,789

3. Money in local currency(Diamond) 12,846,733,120.8

4. Money in local currency( Enterprise, now Heritage ) 3,563,247,952.33

5. Money in local currency (First Bank) 2,139,951,400.00

Conclusion

Foreign Dollars 26,500,000,000

Liquid cash in Local currency= 38,541,558,262.1 (Thirty Eight Billion, Five Hundred and

Forty-one Million, Five Hundred and Fifty-Eight Thousand, Two Hundred and Sixty-two

Hundred, 1 Kobo)

GRAND (Foreign + Local = 65,041,558,262.1 (Sixty-five Billion, Forty-One Million, Five

Hundred and Fifty-Eight Thousand, Two Hundred and Sixty-two Hundred, 1 Kobo)

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