INSIGHT

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
ABSInsightisane-publicationoftheAnambraBroadcastingService,Awka.
SendyourpapersforpublicationconsiderationtoUcheNworah,(Editor-In-Chief),uchenworah@yahoo.com.
ListentoABSRadioliveviawww.absradiotv.com,Email:absradiotv@yahoo.com,Tel:+2348060983636

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.