Abia State Governor, Alex Otti, has reiterated that former Anambra State Governor, Peter Obi, left about $155 million in investments for his successor, insisting that he personally witnessed the financial arrangements.
Otti, who was the Chief Executive Officer of Diamond Bank when Obi was concluding his tenure as governor, said the funds were converted from naira and invested in foreign-denominated instruments and the Tier-2 capital of Nigerian banks.
He made the clarification in an interview on Arise TV shared online on Friday while responding to renewed controversy over Obi’s financial record as governor of Anambra State.
According to Otti, Obi initially intended to leave the funds in cash, but discussions with the bank led to a decision to convert the money into dollars and invest it.
Otti said he personally helped Obi convert the funds, which amounted to about $155 million.
“I happened to be the CEO of Diamond Bank at that time. He came to my office, he wanted to leave the money in cash and we said no. We strategised and said we will invest the money in Euro Bonds,” Otti had said while explaining the transaction.
“I personally helped him exchange naira to dollar about $155 million dollars,” he added.
The governor said the investments were spread across three Nigerian banks and included Tier-2 capital instruments, with some of the investments having maturities extending several years.
Otti had previously stated that he documented the transaction in a June 8, 2020 article titled “The Triumph of Profligacy Over Prudence”, where he argued that Obi demonstrated prudence by protecting the state’s funds from the depreciation of the naira.
He also maintained that the $155 million represented investments made for Anambra State and not money belonging personally to Obi.
The issue has resurfaced amid renewed debate over the finances Obi handed over when he left office in March 2014, with competing claims over the state’s savings, investments and liabilities.
Obi has maintained that his administration left substantial savings and investments for the incoming government, while the Anambra State Government has raised questions over the state’s financial obligations associated with projects undertaken during his tenure.
Otti, however, has limited his intervention to the funds he said he personally witnessed being converted and invested.
In his latest comments, he said his account was based on what he documented about the savings and investments and that questions concerning any debts owed by the state should be addressed by the Anambra State Government.
His earlier account of the $155 million investment has also been reported by Channels Television and other Nigerian media outlets.
