Abia State Governor Alex Otti has said former Anambra State Governor Peter Obi left about $155 million in investments for the state before leaving office in 2014.
Otti said he personally witnessed the financial arrangements while serving as the Chief Executive Officer of Diamond Bank at the time.
The governor made the disclosure during an interview on Arise TV while discussing renewed questions surrounding Obi’s financial record as Anambra governor.
How the $155m was invested
According to Otti, Obi initially planned to leave the funds in cash. However, discussions with Diamond Bank led to a decision to convert the money into dollars and invest it.
Otti said he personally assisted with the conversion of the funds, which he valued at approximately $155 million.
He explained that the money was invested in foreign-denominated instruments, including Eurobonds, as well as Tier-2 capital instruments in Nigerian banks.
The investments were reportedly spread across three Nigerian banks, with some having maturity periods that extended over several years.
Otti said the arrangement was designed to protect the state’s funds from the impact of naira depreciation.
Otti says funds belonged to Anambra
The Abia governor stressed that the $155m funds were investments belonging to Anambra State and not personal assets of Obi.
He said he had previously documented his account of the transaction in a June 8, 2020 article titled “The Triumph of Profligacy Over Prudence.”
In the article, Otti argued that Obi had acted prudently by investing the state’s resources rather than leaving them exposed to the declining value of the naira.
His latest comments have renewed attention on the financial position Obi handed over when he left office in March 2014.
Fresh debate over Obi’s record
The issue has resurfaced amid competing claims about the savings, investments and liabilities associated with the previous administration.
Obi has maintained that his government left substantial savings and investments for the administration that succeeded him.
The Anambra State Government, however, has raised questions about financial obligations linked to projects carried out during Obi’s tenure.
Otti said his intervention was limited to the funds he personally witnessed being converted and invested.
He added that questions regarding any debts or other financial obligations owed by the state should be addressed by the Anambra State Government.