INSIGHT

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SPECIAL EDITION, NOV. 2015

INSIGHT

...Thoughts and analyses that propagate progress

The Truth about Peter Obi's Phantom

75 Billion Naira Cash handover to Governor Willie Obiano

INSIDE:

LEAD STORY

Page 8-9: The Truth about Peter Obi's Phantom 75 Billion Naira Cash handover to

Governor Willie Obiano- James Eze

Page 2-4: Peter Obi’s Handover Document

Page 5-6: True Posi on of Peter Obi’s Cash & Investments Handed Over to Gov. Willie Obiano

Page 7: Peter Obi Did Not Leave N75BN Cash For Governor Obiano- Willie Nwokoye

Page 10: Does Peter Obi Want Third Term in Office?- Ikem Odenigbo

Page 11: Group Commends Obiano For Clarifying State of Anambra Finances

Page 12: How Obi’s Relentless Misinforma on Forced Obiano to Spill the Truth- C. Okutaoloibe

Page 13: How Val Obienyem is Leading Peter Obi to Golgotha- Ejimonu Udenka

Page 14: Will Peter Obi Let Peace Reign Now His Aide Admits No N75BN Cash Was Le For

Obiano?- Ikem Odenigbo

Page 15: Expression: What People Are Saying About The N75BN Issue

Page 16: The Alleged N75BN Cash Handover Is Work Of Fic on- Paul Ojinnaka Nwosu

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PETER OBI’S HANDOVER DOCUMENT

2


PETER OBI’S HANDOVER DOCUMENT

3


PETER OBI’S HANDOVER DOCUMENT

4


TRUE POSITION OF PETER OBI’S CASH AND

INVESTMENTS HANDED OVER TO

GOVERNOR WILLIE OBIANO

5


6


PETER OBI DID NOT LEAVE

75 BILLION NAIRA CASH FOR

GOVERNOR OBIANO

By Willie Nwokoye

robably induced by sworn opposi on, the Nigerian social

Pmedia have spewed the allega on that immediate past

Governor of Anambra State Peter Obi handed over N75

billion in liquid cash to Governor Willie Obiano in 2014. This has

induced the general imagery that the huge bequest is the basis for

the current Governor’s financial confidence since incep on.

To some people, the social media today is a thriving pla orm for a

flourishing trade in inanity. Ironically, the pla orm is easily where a

fair number of unreflec ve people are effec vely held cap ve with

enthralling junks, which explains why the talk of a N75 billion cash

hand-over has become a worrisome ma er in the minds of Ndi

Anambra despite Governor Willie Obiano’s excellent 18 months in

office. Obviously frustrated by the silence of Government, the

merchants of the N75 billion tale devilishly went underground,

seeking the false en cement of respectable affinity groups through

the Bishops and Tradi onal Rulers. Obviously the hand that bears

the beguiling papers is the hand of Esau; but the voice in the social

media is Jacob’s.

regarded as a State Reserve Fund, a kind of saving for the rainy day. It

is not realizable yet into cash. Items 16 to 19 in the Hand-over

extract, amoun ng to N2.48 billion are the State’s counterpart

funds or contribu ons to Funds held by Federal financial

ins tu ons. These ins tu ons administer the contribu ons as so

lending for small scale businesses, agriculture and small industries

in the State. Having been contributed as counterparty fund, the cash

is not available to the State any more.

For reason that will be obvious shortly, let us skip item 20 and treat

item number 21 which is the N10 billion spent by the State on

Federal roads across the State and had been verified for refund by

the Federal Government as at Hand-over date. In fact, the verified

figure has risen to N25 billion at present on Governor Willie Obiano’s

efforts with the relevant Federal Agencies. It is per nent to state

that this is pure and plain IOU by the Federal Government, which can

conceivably be cash available to Governor Obiano only when it is

refunded by the Federal Government.

To disabuse the minds of the ci zens who the Governor ordinarily

holds dear, the Principal Officers of the State, led by the Secretary to

the State Government, Professor Solo Chukwulobelu addressed the

press on Saturday, November 14, 2015 at the Conference Hall of the

SSG's office at the Government House Complex in Awka. In

somewhat pedagogic deliberateness, the SSG went through a 6-

page verba m extract from ex-Governor Peter Obi’s Handover Note.

At the end of the Press Conference, the items that made up the N75

billion were laid bare. The headline item was a N9 billion involuntary

investment charged on Anambra State from the Federa on Account

to fund Nigeria’s Independent Power Projects. This is a nontradeable

equity in a long-term investment. The subsequent 12

items on the extract are similar long-term investments, each in

differing level of comple on like the State’s equity investments in

Orient Petroleum Resources; investments in Onitsha and Agulu Lake

Hotels as well as in the three Shopping Malls in Awka, Onitsha and

Nnewi; the State’s equity investment in Intafact Beverages Limited,

the brewers Hero lager and investments in the two Onitsha Business

Parks. The last item in the row of long-term investments is a N750

million Anambra State’s share in the old Eastern Nigeria’s First

Republic investment in Emenite Limited, a manufacturer of fibre

cement roofing and ceiling products. In all, the long-term, nonearning

assets in the fairy N75 billion sums to N22.73 billion or 30%.

It is analy c to reason that 7 out of the 13 long-term assets are

uncompleted yet; they therefore cannot begin to earn cash un l

they are completed, off-taken, let or a ain cri cal mass as first

should in the case of Orient Petroleum.

Included also is a N350 million investment in quoted stocks. This, no

ques on, is tradeable, which means that the investment can be sold

and realized into cash. The stock is worth currently about N200

million following falls in the value of shares. The number 15 item on

the Hand-over extract is a N1.5 billion computa on of the State’s

share of the Excess Crude Account contributed as capital to the

Nigerian Sovereign Investment Fund in 2010. At best, this can be

7

The nearest item to cash in the foregoing is listed as 20, which is a

USD155 million investment in Eurobond and other foreign currencydenominated

securi es made by the previous administra on at its

twilight. In naira terms, this was worth N26.5 billion at handover.

The Press Conference came out informed that this investment is

intact in the three managing banks and unliquidated yet. In simple

language, Governor Willie Obiano’s administra on has not touched

one dollar of this investment.

Item 22 is a statement of the real cash handed over by Peter Obi. By

the Hand-over Note, cash at bank as at December 31, 2013 was

N11.5 billion. However three months a er, precisely on the handover

day March 17, 2014, the cash had dwindled to just about N9

billion. Thank you.

The foregoing analysis has been on items on the asset side of the

Hand-over Note. Now let us go over to the liability side. Total

contract sum for all projects inherited from Peter Obi is in the

amount of N185 billion. In keeping faith with the promise of

con nuity, comple on, commission and commencement, Governor

Willie Obiano has silently been paying down the inherited contracts

strictly from Federal transfers received in the period of his

administra on. Someone said that by s cking to his own earnings,

Governor Willie Obiano has acted as though led by a premoni on

that a N75 billion sing-song would soon be in the offing. Thus, from

March 2014 through August 2015, a total of N69.2 billion has come

in to Governor Obiano’s Administra on as Federal transfers, out of

which N35 billion has been u lized in whi ling down the inherited

liability, unannounced. It is a sincere expecta on, therefore that

these analyses should generate more progressive conversa ons and

drown the chorus in the N75 billion folklore for good. If it con nues,

then it is correct to conclude that the inten on ab ini o has been to

keep the grave silence over the huge liability, well, ever silent.

Sir Willie Nwokoye is Principal Secretary to Governor Willie

Obiano


THE TRUTH ABOUT PETER OBI'S PHANTOM

75 BILLION NAIRA CASH HANDOVER

TO GOVERNOR WILLIE OBIANO

Governor Willie Obiano has finally broken his silence

on the controversial N75bn supposedly le by his

predecessor, former governor Peter Obi. Speaking

through the Secretary to the State Government, Professor

Solomon Osita Chukwulobelu in a press conference in Awka

on Saturday, Obiano dissected the various items in Obi's

Handover Note, stripping everything to barebones for a

be er understanding. What finally came out of the

conference is that contrary to the mass hysteria on social

media, what Obi actually le behind is N9bn. On the

surface of it, this should be a happy ending to the long tale

of a wise, prudent governor who is renowned for his

frugality. A er all, it is no mean feat to leave all of N9bn

behind by a Nigerian public official.

However, basic accoun ng principles demand that once we

look at assets, we must almost impulsively, also look at the

liabili es. A look at the liabili es side of Obi's Handover

Notes indicates that out of the N185 billion due to be paid

to contractors at the end of his two terms tenure, the

former governor was only able to pay the sum of N78.9bn,

leaving a staggering N106.2bn overhang on contractual

debts alone. It would have been just okay if it hadn't also

come to light that the Handover Note throbs with so many

half-buried skeletons. For instance, Obi's categoriza on of

the N9bn that his administra on invested in the Nigeria

Independent Power Project which the federal government

unilaterally exacted from the accounts of all states and local

governments in the federa on as part

of the assets in the Handover Note

does not smell very nice. Neither does

the revela on that only N1.9bn was

invested in Intafact Beverages Limited

as against the N3.5bn declared by Obi

in his Handover Note. Ques ons

might be asked as to why the former

governor had to make such a false

declara on since all these accounts

can be independently verified and

established by anyone who wishes to

pursue the ma er further.

It is also a subject of perplexity that

Obiano's predecessor paid Denca

Resources Limited the sum of N250m

as counterpart fund for the building of

400MW Independent Power Plant in

Ogbaru which has since turned into a

mirage. Obiano's claim that the

management of the company has

By James Eze


A look at the liabili es

side of Obi's Handover

Notes indicates that out

of the N185 billion due

to be paid to contractors

at the end of his two

terms tenure, the former

governor was only able

to pay the sum of

N78.9bn, leaving a

staggering N106.2bn

overhang on contractual

debts alone


8

remained elusive since the incep on of his administra on,

dodging invita ons for a conversa on from state officials,

deserves a serious look in. But even more curious and

depressing to anyone who is familiar with the iron-cast

profile of the former governor as a man of unimpeachable

integrity should be the realiza on that part of the so-called

N75bn liquid assets he supposedly le his successor is the

N750m investment in Emenite Limited. Already, ques ons

are being asked as to why Obi should present this as part of

his cash savings for Anambra State when in actuality, the

N750m is the state's equity holding inherited from the

investment made in the company in October 1961 by the

former Premier of Eastern Nigeria, Dr Michael I. Okpara.

The amount represents the 16.5% equity share for the

state. How a 54 year-old investment made before the

crea on of Anambra State suddenly became liquid

investment in Obi's Handover Note remains an enduring

curiosity to many people.

The perplexity grows even more with the discovery that Obi

also seemed to have been too clever not to know that

some of the investments he brandished as part of his legacy

are even not qualified to be classified as investments. In

point of fact, counterpart funding investments of N500m

with the Bank of Industry to support SMEs in the state and

addi onal N500m with the same bank to support Micro

Credit Banks in the state should not have been listed as part

of the he y N75bn le behind for Obiano. Neither should

Obi have also cited the N480m counterpart fund with the

Agric Bank which was meant for

support to farmers in the state as well

as the N1bn he borrowed from the

federal government for onward

lending to farmers in the state as part

of the heirloom handed to his

successor. Similarly, Obi's claim that

the N10bn that the federal

government is expected to refund to

the state for fixing some federal roads

which has now shot up to N27bn is a

part of the liquid asset he le behind

is also vacuous and misleading. The

truth is that no one knows how long it

will take the federal government to

meet this obliga on especially in the

face of the present state of the

economy. So far, Obiano's strident

appeal for this refund has not elicited

the desired reac on from the federal

government. How does this begin to


qualify as an asset le by a prudent administrator?

Truth be told, what may a ract a en on in Obi's long list of

non-investments are the foreign currency components of

the Handover Note. Obviously worried about the final

verdict of history on his administra on, Obi made fran c

efforts in the final months of his tenure and invested the

sum of $155m or N26.6bn in Eurobonds and other foreign

denominated securi es held with Access Bank, Fidelity

Bank and Diamond Bank. But sadly, given the current

decline in capital markets, the state would incur a heavy

loss of $32m represen ng 14.8 percent and a Naira loss of

N100m respec vely were it to a empt to liquidate this

investment por olio. So, not even this investment is

enough consola on for the hoopla that has trailed Obi's

hyperbolic claims.

Let it be said that it has become clear that Peter Obi's

handover Note is full of dead bodies. While this may not be

strange in a country where public office holders are

generally known to leave the treasury empty when they

exit office, what appears totally strange to many people is

why the Obi camp choose to turn this seriously flawed

document into a new Angelus; to be recited any me

Governor Obiano does something worthy of praise.

Stranger s ll is the fact that while it is on record that Chief

Willie Obiano has always acknowledged Obi's contribu ons

to the emerging Anambra narra ve and even called for a

standing ova on for Obi and his team in public func ons,

there has always been a bold and crude a empt to

demonize Obiano and his wife. The lowest of this

despicable campaign by Obi's loyalists was the rumour

fuelled on social media last month, claiming that

Ebelechukwu, his beau ful wife had died. One would have

expected that there would be a degree of method to the

madness of these opposi on elements who obviously have

gone beyond the brief handed them by their master in this

curious campaign against a man who has not offended

anyone.

It has to be noted too that those whose only complain

about Obiano's final decision to break his silence over the

conten ous Handover Note is that he should have spoken

out earlier actually miss the point en rely. As a seasoned

technocrat and level-headed administrator, Obiano is not

one to play to the gallery or hanker for cheap populism. In

fact, when a group known as Concerned Anambra

Professionals began to raise the red flag over the dead

bodies that lay half buried in Obi's Handover Note just a

few weeks a er Obiano was sworn in, the governor took

out pages in na onal newspapers to distance himself from

that effort. He did that not because of lack of merit in the

agita on of the period but because of the need to be fully

convinced that it was expedient to do so and also because

of his abiding faith in the merits of the paradigm shi from

Agulu to Aguleri and from Obi to Obiano. In fact, he was

totally commi ed and remains infinitely commi ed to

preserving that historical hand of friendship that sealed the

gubernatorial race in November 2013.

Even so, it must also be noted that Obiano's eventual

Breaking of Silence on the conten ous N75bn is a direct

response to the endless campaign by Obi's loyalists to

reduce all his achievements to the existence of a phantom

N75bn legacy somewhere. Those close to Obiano can easily

tes fy that he would have preferred to con nue his reless

striving to build Anambra in silence, looking for crea ve

ways to rev up Internally Generated Revenue and sustaining

the tempo on his agenda to transform the state. However,

the relentless cas ga on of his administra on and the

virulent a acks on his family by people loyal to his

predecessor have forced him to set the records straight.

In the final analysis, it is never late to set the record

straight. It might take months or years but truth pressed to

earth will rise again!

L-R: Sir Okey Morka (Commissioner for Finance),

Sir Willie Nwokoye (Principal Secretary), Prof. Solo

Chukwulobelu (SSG).

L-R: Mr Greg Obi (Commissioner for Local Government),

Sir Okey Morka (Commissioner for Finance), Sir Willie

Nwokoye (Principal Secretary), Prof. Solo Chukwulobelu (SSG)

L-R: Sir Okey Morka (Commissioner for Finance),

Sir Willie Nwokoye (Principal Secretary),

Prof. Solo Chukwulobelu (SSG)

9

L-R: Sir Willie Nwokoye (Principal Secretary),

Prof. Solo Chukwulobelu (SSG), Prof. Joe Asike


DOES PETER OBI

WANT THIRD TERM IN OFFICE?

By Ikem Odenigbo

As the war of words between former governor Peter Obi

and his successor, Chief Willie Obiano con nues to rage

on social media, the ques on that many Nigerians are

beginning to ask is, “does Peter Obi want another term in office?”

This ques on is gaining currency on the lips of most discerning

members of the public who are surprised that Obi may have

inadvertently pricked the balloon of his exaggerated image of a

good man and now the air has gone out with a hiss. The tragedy is

that Obi will remain diminished when this foul wind blows over.

This is one ba le that will leave permanent scars on the former

governor whom late Chukwuemeka Odumegwu Ojukwu had

hoped would take over the mantle of leadership of the Igbo from

him.

The issue at stake here is Obi's stage-managed “unimpeachable”

integrity and media-induced image of a prudent man. The other

issue is the sudden realiza on that Obi did not leave the N75bn

cash legacy for his successor, Governor Willie Obiano as earlier

claimed. Integrity is on the cross here!

Those who know Obi are familiar with the story of his painstaking

cul va on of a puritan image which he strove over the years to

build through close associa on to the clergy and a bemusing

outward display of piety. His close associates recall that a er

making the tragic error of freigh ng the colossal sum of N250m

by road to Lagos and finding himself on the scandal pages of

newspapers the following day in his first term as governor, Obi

had quickly realised the silent power of the


media and doggedly cul vated their

friendship. In a very brief while, Obi

evolved into the affec onate symbol of

Nigerian editors with his toothy grin

gracing the glamorous pages of most

weekend newspapers. He was projected as

a very wise, prudent and humble governor

who led an austere, Spartan life. But his

close aides knew that it was all false!

Now, observers of Obi's recent macabre

dance in Anambra State are curious about

his true mo ve. Does he want another

term in office? They query. They shudder

at the fact that it was Obi who asked them

to vote for Obiano. They recall that in so

many of the campaign stomps that gave

birth to Obiano's victory in the

gubernatorial polls, Obi had repeatedly

assured the people that Obiano would

perform be er than he did. They are

confused that Obi had chosen to abandon

his protégé the moment he realised that

Obiano had started fulfilling his electoral

promises and living up to the assurances

that Obi gave them during the campaign.

Obiano had never le

anyone in doubt about

his indebtedness to Obi.

He has quite consistently

acknowledged the

immense contribu ons of

his predecessor to the

development of the state

and on a few occasions

appealed for a round of

applause to Obi and his

team.

10

Ar cula ng the most common ques on domina ng the beer

parlours in Onistha, Nnewi and Awka, buck-toothed Onyedika

Umerah, a final year student of Nnamdi Azikiwe University asked,

“does Peter Obi want a third term in office? Not in Anambra

State!” he quickly answered himself. “Honestly, we are ge ng

red of the harassment that Obi and his boys are giving to our

governor on social media. There is no day that I visit Facebook

that I do not see a nasty lie against Obiano with photo-shopped

images mocking him everywhere. Are we the only ones in Nigeria

who can use Facebook? Is this how the ci zens of other states

disgrace their governor? I blame all that on Obi. He is the one

funding the a acks, yet he cannot be governor again. So, what

does he really want?” Umerah fumed.

Indeed, a er se ng a record as the first governor to complete the

cons tu onal two terms in office in Anambra State, it is game

over for Obi. There is absolutely no chance of Obi's return to the

Governor's Lodge in Amawbia, except as a visitor. What many

people are specula ng is that Obi is peeved that in less than one

year, Obiano had consigned his vaun ng record of achievements

in the state to the margins of history with a sparkling

performance. For instance, it is common knowledge that in eight

years of Obi's reign, Anambra was under the firm grip of

kidnappers and armed robbers who drove most of its illustrious

ci zens away. But if Obi was perturbed by that scenario, he didn't

show much emo on over it or demonstrate the poli cal will to

tackle it despite car ng away humongous amounts in security

votes every month from the federal

government. Obi also salted away massive

local government alloca ons that accrued to

the state for eight years in an era when oil

prices hit the roo op. However, three

months a er Obiano, Anambra recorded its


first crime-free Easter celebra on and

before long, the state had become a haven

of peace. The belief is that Obi felt done in

by Obiano's de handling of the state's

security nightmare and began to fret over

his place in history. And that was how the

fight started!

But Obi's anxiety was misplaced. Obiano had

never le anyone in doubt about his

indebtedness to Obi. He has quite

consistently acknowledged the immense

contribu ons of his predecessor to the

development of the state and on a few

occasions appealed for a round of applause

to Obi and his team. Unfortunately, Obi

misread these gestures as an exercise in

tokenism and maintained his defiant stand

against his anointed son. Obi's comba ve

resolve is dangerously reflected in the


poisonous a acks hurled at Obiano and his wife by some widely known media aides of the former governor. Led by seminary school

dropout, Valen ne Obienyem, Obi's media team is notorious for their uncouth approach to the media, mowing real and imagined

enemies down on Facebook while holding up their master as an epitome of virtue. Things came to a head when they circulated an

immoral story on Facebook alleging that Obiano's wife had passed on in the US. It marked the turning point in the studious silence of the

Obiano's who had suddenly woken up to realise that the scurrilous a acks on Facebook had rapidly progressed to a death-wish for Obi's

enemies.

Speaking on the perplexity of Obi's brutal aggression against Obiano, Chief Chuma Nnabuenyi who hails from Nando in Anambra East

Local government area doubted whether Obi was fully aware of the import of his ac ons. “He asked us to vote for Obiano. We heeded

his call and voted for the man he chose for us. Does he know that by turning against the man he chose for us, he is admi ng that his

poli cal judgment was flawed? Does he know that he has admi ed his own failure as a poli cal leader? Frankly, I don't think that Peter

Obi thought his ac ons through. I think he is struggling with a big ego. As for me, I think that Obiano is doing very well. Obi should let

him concentrate on the good job he is doing for us,” he advised.

For Okechukwu Okonkwo, a lecturer at Anambra State University, Uli, Obi's ceaseless haranguing of Governor Obiano is rather pathe c.

“I think Obi needs our sympathy really,” the Psychology lecturer submits. “What he may not have considered is the fact that he has

ruined his own poli cal capital. He asked us to vote for Obiano and we voted for him. Does he think we will follow him and vote for his

candidate again in the future when he cannot manage his differences with his friends? If he hopes that once he chases Obiano out we

will queue behind him to elect another governor, he must be deceiving himself. Ndi Anambra cannot be led that way. Not even Ojukwu,

at the height of his power could do that,” he declared!

Odenigbo wrote from Amawbia

GROUP COMMENDS OBIANO FOR

CLARIFYING STATE OF ANAMBRA FINANCES

The Ini a ve for Change Organiza on (ICO), a civil

society and democracy watch group has commended

the governor of Anambra State, Chief Willie Obiano,

for finally pu ng a disclaimer on a claim that started as a

rumour, then grew into a full blown campaign about the

existence of a stash of N75bn cash purportedly le behind

by his predecessor Mr. Peter Obi, by sta ng in clear terms

that no such amount was handed over to him.

In a Press Statement issued Monday in Awka, the group

stated that it observed over me the deliberate campaign

especially on social media pla orms by persons suspected

to be agents of the immediate past administra on who

were daily inunda ng ci zens of Anambra with bogus

claims that so much money is available to the governor

from the past regime. The virulent campaign the group said

it discovered was being promoted by agents of the former

governor and opposi on elements in the state to discredit

the achievements of governor during the past eighteen

months in office.

According to the statement which was signed by the

President of the Group, Dr. Jideofor Igboamaka, “a er

closely monitoring the trend of misinforma on especially

the claim that the state is awash with money, it became

necessary to alert government officials when it also

became a market place gossip. We actually made a empt

to get the real facts for our educa on as a pressure group

when some of the claims appeared over-blown to

reasonable persons. Now that the conten ous claim has

been addressed, we expect the government to concentrate

and avoid distrac on.”

Dr. Igboamaka revealed that their a en on was drawn to

the claim of the existence of N75bn cash in The Na on of

Tuesday April 1, 2014 (Facts or Fic on) where Anambra

State Concerned Professionals warned of the

consequences of allowing such claims to go unchallenged

and clarified. It however noted that they have always

respected the government posi on of not s rring

controversy early on and ge ng distracted and also had

good reason to wait un l an auspicious me.

The Ini a ve for Change Organiza on however explained

that having observed the developments in the past few

days following government clarifica on and the tacit

acceptance by an aide of former governor Obi there was

indeed no such cash handed over, it is important to call for

a stop to such misleading campaign so as to allow the for

peaceful

11


HOW OBI'S RELENTLESS

MISINFORMATION FORCED

OBIANO TO SPILL THE TRUTH

By Chukwuemeka Okutaoloibe

That Governor of Anambra State, Chief Willie Obiano finally

decided to set the records straight on the N75bn cash

purportedly le in the coffers of the state by his predecessor

did not come as a surprise to discerning observers. Since Obiano

took over the reins on March 17, 2014 there has been orchestrated

campaign of misinforma on by agents of Mr. Peter Obi aimed at

reinforcing the claim that the ex-governor le huge sums of cash. In

fact when the claims were queried by concerned persons, the Obi

camp modified the narra ve to the effect that it is not all cash a er

all, that the legacy to Ndi Anambra included investments.

On his part, Obiano refused to confront the misinforma on publicly.

In his permuta ons, such engagement is not only meant to distract

him from the onerous task of governance but would run counter to

his investment drive which has seen the


state investment por olio increase to

$2.4bn USD. The governor insisted that

it would amount to de-marke ng

Anambra, if on one hand he is

prospec ng poten al investors and on

another hand going public to counter

claims that would show that the state

was actually in deficit should it choose to

meet all financial obliga ons entered

into by the ex-governor who for reasons

best known to him chose to trumpet

savings and ignored liabili es.

To worsen ma ers, Mr. Peter Obi who

chose to fulfill his obliga on to former

President Jonathan by dumping the All

Progressives Grand Alliance (APGA) for

the Peoples Democra c Party (PDP) to

bolster his chances of making the

federal cabinet list post 2015 elec ons,

d i d n o t f o r e s e e t h e P r e s i d e n t

Muhammadu Buhari's whirlwind

t r i u m p h . U n f o r t u n a t e l y, O b i ' s

permuta ons and the feeble excuse that his former friends in APGA

pushed him out failed. Even the compensa on as board chairman of

the Securi es and Exchange Commission (SEC) was short-lived due

to the new president's clean sweep of board appointments. Thus Mr.

Obi, who is reported to hold a personal grudge against his successor

is said to have promised insiders that he would make life unbearable

for Obiano. It is therefore not surprising that the former governor, a

master of proxy war, started surrep ous funding of misinforma on

campaign executed against the person of Obiano. But in the face of

all these, governor Obiano remained silent choosing to concentrate

on building structures of governance that hitherto never existed in

the state.

Fast forward to the change of guards at the Presidency, the release of

bail-out funds to some states and the revela on that Nigeria is broke.

To paint a realis c picture, the Federal Alloca on due to Anambra

A review of the Obi

handover note shows

that it was not an audited

account signed off by a

cer fied Accountant, but his

own recollec ons. On the

other hand, Obiano is an

Accountant and an Auditor

of interna onal repute who

did not dig dip to discover

obvious discrepancies in the

Obi Handover note.

12

State as at September 11, 2014 stood at N4, 251,312,255.01bn but

by September 2015 it had dropped to the sum of N2,

861,307,916,42bn, a difference of N1.4 bn, and indica ons show it is

s ll dropping. Yet the purveyors of falsehood about Anambra

finances went to town that Obiano is able to pay salaries because Obi

le N75bn, when in reality Obi had le the state in debt. It is

instruc ve that ex-governor Peter Obi's hand over note showed cash

balance of N11bn as December 2014 which dropped to N9bn on

handover date of March 17, 2014, yet he was silent on the N106.2bn

from the total N185bn on inherited contracts out of which governor

Obiano has further defrayed N35bn in the spirit and le ers of

Con nuity.

Some have asked why did it take Obiano long to speak? The

appropriate ques on to ask is, why

sustain a lie for eighteen months just to


score cheap poli cal point and take an

underserved glory? A review of the Obi

handover note shows that it was not an

audited account signed off by a cer fied

Accountant, but his own recollec ons.

On the other hand, Obiano is an

A c c o u n t a n t a n d a n A u d i t o r o f

interna onal repute who did not dig dip

to discover obvious discrepancies in the

Obi Handover note. But instead of

descending into public spat with his

friend and predecessor, he made efforts

privately to correct the miscalcula ons

but the Obi camp refused to recant,

choosing to sustain the narra ve

because it sounded poli cally correct.

But the mes have changed, prodded by

the frequency of the absurd tales on

Anambra finances and having failed in

private appeal to the former governor to

rein-in his paid hands without success,

Obiano chose to set the records straight

for Ndi Anambra and discerning Nigerians to know the true facts.

It behooves therefore on all to ignore the misinforma on and

embrace the facts. From the records, there was never N75bn cash

anywhere in Anambra government coffers based on former

governor Obi's account, and the current governor has not touched

the N9bn cash he actually le . Most importantly, Obiano inherited a

deficit of N106.2bn based on the contractual exposures which the

former governor incurred up to his very last minute in office. Many

would remember that former governor Obi con nued to award

contracts and flag-off projects on March 17, 2014 shortly before he

stepped-out to hand over. The right thing to do is to praise governor

Obiano for bearing the pains of this grand deceit with equanimity

un l this moment. By con nuing with misinforma on in recorded

interviews and through his cronies and proxies, Obi willfully forced

Obiano's hand and he spoke up strictly for the records.


HOW VAL OBIENYEM IS LEADING

PETER OBI TO GOLGOTHA

By Ejimonu Udenka

Mr. Valen ne Obienyem cuts the odd image of a man

perpetually looking over his shoulders. It would seem

that Obienyem who could not sustain his early

passion for law was able to convince his boss, a late

convert to media offerings, of his indispensability by going a er

his adversaries with everything including strategies out of Sun

Zu's Art of War. The danger however is that Val's penchant for

going a er assumed opponents is unwi ngly leading his boss to

Golgotha.

Governor Obi believes in Val's abili es as a writer, a er all he has

wri en a book – The Last Patriot, and has wri en countless press

statements to defend a view point sufficiently, especially in

defense of a principal. Thus Mr. Obienyem became the closest

aide to Mr. Obi and he gave him the la tude to define his media

strategy with emphasis on Facebook posts and the use of thirdparty

a ack dogs. Insiders observe that the duo have worked

close enough that some mes Peter adopts Val's posi on on

issues without actually knowing the details only to end up with

the short end of the s ck.

Without prejudice to Mr. Obienyem's abili es, it is established

that every noble art form have certain nuances ingrained in the

real professionals – knowledge of the basics and ethics are

eternal guides to trained communica ons prac oners. The

difference between interlopers and communica ons managers is

inherent in the ability to recognize and stay within boundaries

where the s ll small voice acts as regular restraint from gu er

journalism. Alas Val's penchant to play to the gallery by

embarking on character assassina on of

perceived opponents of his principal

either in person or by proxy marks him

out as someone looking for the wrong

anchor!

Many poli cians and personali es of

Anambra descent who dared tango with

former governor Peter Obi at one me or

the other can a est to the onslaught and

vile a acks ini ated on their person from

Mr. Obienyem's stable of social media

character assassins. The likes of Senator

Uche Ekwunife, Dr. Chris Ngige and even

the revered writer, Okey Ndibe can a est

to the blood chilling concoc ons

unleashed on them at various mes when

they dared Peter Obi. In the same manner,

Mr. Obienyem and his cohorts con nued

to pour vitupera ons at Governor Obiano

and his family. To worsen ma ers, in the

past eighteen months they resorted to

daily intrusion and sing-song that his


Governor Obi believes in

Val's abili es as a writer,

a er all he has wri en

a book – The Last Patriot,

and has wri en countless

press statements to defend

a view point sufficiently,

especially in defense

of a principal.

13

master le N75bn cash for Obiano and that every achievement of

the governor is down to former governor Obi.

Since Peter Obi exited office and APGA, the party that brought

him to power, there have been perceived disagreement with his

predecessor, and Mr. Obienyem pursuant to an agenda, selected

social media foot soldiers and somehow got his master to fund

the campaign with all manner of proxies who concoct lies and

con nue daily a ack on governor Obiano with a view to whi ling

down his burgeoning profile as a performer but rather sustain the

myth of the Peter Obi legacy.

What is worrisome is that Val and his boys are primarily driven by

how to sustain their lively-hood under the former governor.

Hence, they brook no foes nor are they restrained by any

principles in carrying out their brief to mow down any opponent

with sustained vile a acks. In the books of Val's army of internet

warlords, there are no boundaries: wife, children, friends and

associates as well as business interests become so targets in the

orchestra played by Mr. Obienyem with several pseudonyms and

unleashed through his i-pad clutching internet greyhounds, chief

amongst who is one Stanley Chira, aka Mazi Odera.

As an image maker, Mr. Obienyem believes that Mr. Peter Obi is

the best thing that ever happened to Anambra State. In the quest

to drill the percep on into every body and to bolster Obi's

sagging poli cal fortunes a er his new party PDP lost power at

the federal level, they returned to Anambra state with a plan to

discredit others at all cost. However, the disdain with which Obi's

aide holds the current governor is very

apparent and that is proving to be Obi's

undoing. The level of hatred on display

in their strategy and conduct is leading

his principal to Golgotha.


It is now clear that were he a painter,

Val's canvass could never exceed the

confines of Awka where he sees as his

boss's fiefdom. The many intrigues that

they resurrect to ensure sustained

dominance of Anambra State poli cs

a er eight years in office may yet come

back to haunt Peter Obi. Perhaps, the

loss at the na onal stage has le them

with the unquenchable craving for what

they used to have in Anambra State.

Indeed, there is a sense of arrogance

and open dicta on to the current

governor and other discerning ci zens

of the state, that it is only Mr. Peter Obi

or nothing.


WILL PETER OBI LET PEACE REIGN NOW HIS AIDE

ADMITS NO N75BN CASH WAS LEFT FOR OBIANO?

By Ikem Odenigbo

he raging controversy over the actual sum of money le in

Tliquid currency when former governor Peter Obi of

Anambra State handed over power in March last year has

driven home the saying by Bri sh statesman, Winston Churchill

that – “a lie gets halfway around the world before the truth has a

chance to get its pants on.” This is more so because since Obi's

successor decided to break his 19-month old silence on the

controversy, further revela ons have shown Nigerians the factual

account of Obi's Handover Notes. A fierce duel between the

representa ves of the warring par es on Channels Television on

Tuesday, November 18, 2015 offers us a veritable insight into the

dispute.

A er the crossfire between former governor Peter Obi's media

aide Mr. Valen ne Obienyem and Governor Obiano's Principal

Secretary, Mr. Willie Nwokoye on the live television programme,

the ques on agita ng the minds of many people is why did Mr.

Obi hand over a castle of lies? Another ques on is whether Mr.

Obi will now let peace reign in Anambra State.

Apparently responding to the challenge thrown by Mr. Obienyem

for a televised debate over the conten ous N75bn cash asset

purportedly le by his boss, Mr. Nwokoye had shown up on

Sunrise, a popular programme on Channels Television where he

had de ly pried open the N75bn Pandora's Box and displayed the

actual contents for all to see. Nwokoye's performance established

without a shred of doubt that Obi's claim about leaving N75bn for

his successor was absolutely incorrect. While not denying that the

former governor le some money behind, Nwokoye maintained

the posi on earlier taken by the Obiano administra on that the

actual sum le behind in liquid cash by Obi was N9bn.

Interes ngly, when prodded by the Channels Interview panel,

Obi's media aide, valen ne Obienyem sensa onally corroborated

Nwokoye's posi on on the actual sum le by his boss and

admi ed for the first me that the so-called N75bn cash legacy

was essen ally in investment and in cash. This is contrary to the

spurious and almost criminal claims frequently bandied by Obi's

coterie of media aides insis ng that the former governor le a

cash sum of N75bn behind when he exited office in March 2014.

Obieneym has been leading a band of a ack dogs whose sole

mission is to embarrass and discredit the

governor and his family for reasons that are not known to the

people since the man they are supposedly working for is not

standing elec on in the state.

In the Channels TV programme, Obienyem had arrived with

spurious documents containing curious account numbers where

the former governor had supposedly le he y sums of money for

his successor. However, under the intense probing of the Channels

crew, it became clear that the documents that Obienyem was

brandishing were not the same Handover Notes submi ed by his

master on the day he handed over power to Chief Obiano. When

Maupe Ogun, one of the interviewers reminded him that the issue

in conten on was not whether his boss had le some money

behind, but whether he had actually le N75bn in liquid cash,

Obienyem became tongue- ed. “How much in total would you

say was the cash le at the me your boss handed over?” Maupe

insisted. Cornered into a box where he had no choice than to

men on a figure, Obienyem blurted out “N37bn in liquid

currency,” thereby establishing a solid basis for doubt about the

actual sum of money le by his boss. Again when prodded by the

same interviewer on whether he had any problems

with the decision of the Anambra State Government to clear the

air on the inconsistencies in the handover note since the bogus

claim was affec ng its credibility before the people, Obienyem

seemed

momentarily lost for words before finally lacing his comment with

a dose of comedy. He reasoned that “whoever is in charge in

Awka should have called my boss before going public.” How

preposterous!

Obienyem's mid performance culmina ng in his frank admission

that former governor Obi did not leave the sum of N75bn cash

asset behind fully underscores the strong arm tac cs that had

been deployed against governor Obiano in the past 19 months to

frustrate his efforts to make a mark in Anambra State. Obienyem's

admission that the claim of bequeathing Obiano the sum of

N75bn was flawed and his failed a empt to smuggle yet another

bank statement into public consciousness on live television

signposted a dangerous despera on to score a cheap poli cal

point without the scan est regard for what ma ered to the

people.

What finally came out of the so called “debate” which Obieneyem

had cockily brought upon himself is a convincing confirma on

that former governor Peter Obi did not leave N75bn in liquid cash

for his successor as had been widely bandied about. It is not clear

whether Obienyem knew the implica on of admi ng that the

actual figure le was N37bn but basic accoun ng principles state

that once an error is

admi ed in a financial claim, it impugns the integrity of the en re

financial profile. In other words, a discerning audience has no

basis to believe that even the “N37bn in liquid currency” which

Obienyem is

suddenly waving as the new legacy is factual.

14

Meanwhile, away from Obienyem's regre able television

appearance, many people are wondering whether former

governor Obi would be prepared to work for peace now that the

conten ous N75bn has been tabled before the Nigerian public.

Many people wonder whether the high drama surrounding the

ma er that has played itself out since last weekend would serve

as a perfect closure to this avoidable exchange between the

erstwhile friends who a ended the same secondary school. But

perhaps more importantly, many people are actually hopeful that

when the storm raised by Obiano's disclaimer of the N75bn cash

legacy finally se les, Peter Obi would allow his successor to

con nue the

good work he is doing in Anambra State.


EXPRESSIONS

What people are saying about the 75 Billion Naira Issue

The Channels TV debate this morning was very revealing. The principal secretary to Gov. Obiano, Mr Willie Nwokoye, was very confident

and ar culate as he gave facts on the true situa on of Anambra's finances. But same could not be said of Valen ne Obienyem. His lips were

shaking, he was talking out of point and you could sense lies all over his comments. He was shaking badly and that's a very good sign to know

someone who is lying. I couldn't control my laughter as Valen ne Obienyem was messing himself up on na onal television. I was wondering

whether he was the same person who called for a debate yesterday! He was a pathe c sight to behold. We really have to ques on the

authen city of Valen ne Obienyem's school cer ficate because Barristers are known for being intelligent, bold and eloquent. Valen ne

Obienyem disgraced himself today. And funny enough, he ended up corrobora ng everything Mr Willie Nwokoye said. His annoyance was

that Governor Willie Obiano did not inform Peter obi before going public with his findings! Chai.

Mmeri Charles

Much as I would not want to wade into a ma er that has no direct bearing to me being an Imo man, but since Chimame has brought in the

issue of Ndigbo into it, I would want to contribute. Cajones said something about Ndi Anambra not having a credible governor for quite

some me now. I sincerely want to disagree here. Look at the landmark achievements of Ngige, Peter Obi and the wonderful work the

incumbent governor Obiano is doing. All because Anambra, poli cally is more developed than any other Igbo state. You guys there are

blessed for what you have in terms of poli cal leaders than we in Imo state where one man has decided to make the state a private estate.

This is very apt to the saying that you don't know what you have un l you lose it. Anambra is a true representa ve of Igbo land and if the rest

of the world want to judge us based on what is happening in Anambra, then the judgement will be fair

Kenneth Ebirim

The Anambra state governor Chief Willie Obiano has every reason to be happy today because for the first me in many months, his

predecessor Mr. Peter Obi through his Media Aide Mr. Val Obienyem accepted on live television that the former governor did not hand over

N75bn cash a erall.

Answering ques on on Channels Television this morning, Mr. Obienyem accepted that the handover note contained investments and cash

but not just N75bn cash.

Governor Obiano recently clarified the posi on of the state finances when he stated that the state never received N75bn cash but

investments and cash balance of N9bn only, with liabili es of N78 billion being balance of monies owed to contractors which was never

men on in the handover note.

The outcome of the discussion is expected to finally put to rest the specula ons about monies in Anambra coffers, as well as the

misconcep ons that every achievement of the governor is because a lot of money was le for him.

Kinsley Udemezue

They were jumping up and down, celebra ng, merrymaking, having tradi onal handshake (Fa na ana ito), believing that their lies and

innuendos have taking hold of Ndi Anambra. Behold, Gov. Obiano came out with the real facts and Ndi Anambra saw the truth. They got

very upset and disturbed that Ndi Anambra might know the truth and they started running helter skelter, calling names. They would all end

the way they ended in the Na onal level. I feel for Val Obienyem cos he must have to minimize sleeping hours now in order to device new

method of lying to Ndi Anambra for his e-rats.

Onyebuchi Dike

15


THE ALLEGED N75BN CASH

HANDOVER IS WORK OF FICTION

*Where is the Balance on Intafact Investment?

*What happened to the Investment in ASIPGC?

Wri en by Paul Ojinnaka Nwosu

You will recall that almost a week ago, Anambra State

Government came forward to set the record straight with

regards to how much the previous administra on le in the

ll. The government made it clear that the previous administra on

did not hand over N75bn cash as claimed. The government then

gave an accurate posi on of the account it inherited.

Following this disclosure, media contractors of the previous

administra on le the issues at stake and launched a war of

calumny and character assassina on against the government and

Governor of the State. The debate climaxed at ‘Sun Rise’, a

Channels television live program where the arrow head of the

a ack against this government openly conceded that the previous

administra on indeed did not hand over N75bn cash to Governor

Willie Obiano’s government.

Though the open confession on Channels television may seem to

have put paid to the controversy fuelled by the loyalists of the

previous governor, the issue of the so called N75bn has a racted a

closer scru ny of the hand over note thereby raising important

ques ons which require answers from the key actors of the

previous administra on.

Intafact Beverages and Anambra State Independent Power

Genera ng Company Ltd featured prominently as items 8 and 11

on the previous administra on’s famous hand over note which

bequeathed the so called N75bn to His Excellency, Governor Willie

Obiano. The hand over note stated that the past administra on

invested N3.5bn in Intafact Beverages, Onitsha. Meanwhile, it was

discovered that only N1.4bn was invested, leaving a shor all of

N2.1bn. It was a er Governor Obiano took over that an addi onal

N540m was invested in the company to finance its expansion plan.

The ques on being asked now is: what happened to that balance

of N2.1bn? With all the accountants and financial managers at the

disposal of the previous government, this could hardly be an error.

Item 11 of the same hand over note shows that the sum of N250m

was paid as the State’s investment to Denca Resources, the project

developers of the Anambra State Independent Power Genera ng

Company Ltd (ASIPGC) for the proposed 400MW project in Ogbaru

Local Government Area. So far Denca has done nothing and has

refused to honour all government’s invita on to a mee ng where

the project would be discussed. The ques on being asked again is:

was this money actually paid to this company? If it was paid, those

who paid should speak up because it is strange that a company

with that kind of naira spinning project will refuse to honour the

invita ons of a new government to chart the way forward. The

company’s reluctance to come forward is suspicious.

These two cases leave a sour taste in the mouth and un l the

ques ons raised therefrom are sa sfactorily answered, the

integrity of the previous administra on will remain suspect

irrespec ve of its pretenses to be standing on a moral high

ground.

But beyond these highly ques onable transac ons, there are

other sec ons within the hand over note where the previous

16

administra on referred to provision of ‘counterpart funds’ to

specialized financial ins tu ons as ‘investments’. One finds it hard

to believe that with all the financial experts in Anambra State, the

previous government could not make a dis nc on between a

counterpart fund and an investment .

There are also other fatuous investments in financial instruments

which are clearly puni ve and made out of veiled malice to

deliberately reduce the cash flow at the disposal of the incoming

administra on. The fact that the previous administra on spent 8

years and never thought it fit to invest in some financial

instrument is instruc ve. This was the same way it never thought

it fit to hold local government elec ons and carry out massive

employment into the Civil Service for 8 years un l the eve of

Governor Obiano’s inaugura on.

The so called hand over note was scripted to mislead and

misinform abini o. It was a clumsy a empt at financial photoshopping,

nothing more.

Some of Ndi Anambra have con nued to ask why it took the

government this long to set the record straight.

First, government did not wish to cause panic among contractors

and investors who were already primed to move into the State in

view of the secure environment. An experienced banker, Governor

Obiano believed that without the money he could, through

prudent financial reengineering, get the system running on federal

alloca on and internally generated revenue which has been

dras cally revved up since he came in. And this he has been doing

ll date. It is also per nent to place on record that he has not even

touched the cash balance and investments in other financial

instruments. Secondly, government was reluctant to wash its dirty

linen in the public hoping that good conscience would prevail on

the part of the former governor and his paid publicists. But when

it became obvious these hounds wouldn’t relent in a ribu ng

every good work of this government to theN75bn fic on and were

even sugges ng that Governor Obiano’s administra on was

contempla ng a loan, it became incumbent on the government to

put the facts in public domain before lies repeatedly told would

begin to assume the toga of the truth. It became absolutely

necessary to avail Ndi Anambra the truth so that they can separate

the chaff from substance and renew their confidence in a

Governor they had willingly elected to work for them.

Even though Ndi Anambra already knew their immediate past

governor isn’t a saint, his meek façade and decep ve voice

notwithstanding, it has become necessary for them to have the

raw facts. Government’s silence should not be mistaken for

cowardice.

Given the revela ons popped up by this ma er and the public

interest it has generated, it is about me the EFCC and ICPC get

interested in the issue. They will collec vely have more than a

mouthful to chew and could as well help to unravel a few other

deals that had been shrouded in top secrecy.

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