Chuks Okocha in Abuja
Former Anambra State Governor, Peter Obi, has claimed that he left more than $150 million in state investments when he handed over power in 2014, arguing that the funds could have grown to about $335 million if retained and reinvested.
But the Anambra State Government has released documents detailing N363.38 million in salary arrears owed to workers and pensioners of two defunct state agencies, amid former governor Peter Obi’s insistence that he left the state without debt.
Obi who made the claim in a statement yesterday while responding to the ongoing controversy over the state’s external debt and the financial position he left behind when he left office, said the funds constituted the dollar component of his investments in the state and were left in various bank accounts that could be independently verified.
“On the day I left office, I left more than US$150 million as the dollar component of my investment in Anambra State as governor,” Obi said.
He claimed that the investments were expected to generate about $10 million annually for the state if they had remained untouched.
Obi further argued that, based on the income he said the funds could have generated over the 13 years since he left office, the state would have accumulated about $130 million in additional income.
He said that, including compound interest on the principal and additional income, the total value could have reached approximately $335 million.
Obi said the funds would, in his calculation, have been sufficient to settle the $92.35 million outstanding balance the Anambra State Government says remained on the development facilities linked to his tenure, while leaving about $242 million available for reinvestment.
According to him, such reinvestment could have generated about $20 million annually for the state.
The claim forms part of Obi’s broader response to the Anambra State Government’s assertion that his administration left $123.77 million in external loan obligations, of which $92.35 million remained outstanding as of June 2026.
Obi disputed the description of the $123.77 million as “loans left by Peter Obi”, saying the state had combined approved facilities, actual drawdowns and outstanding balances.
He maintained that the development financing involved mainly concessionary World Bank and International Fund for Agricultural Development programmes negotiated by the federal government and accessed by participating states through subsidiary arrangements.
The former governor also cited Debt Management Office records, saying Anambra’s external debt stood at about $18 million when he assumed office in 2006 and approximately $30 million when he left in March 2014.
He said the figure stood at about $45.15 million in December 2014, nine months after his departure, and questioned how the state could therefore have inherited $123.77 million from his administration.
Obi said he did not approach any financial institution to borrow money or issue a bond on behalf of Anambra during his tenure.
He also maintained that he left office without unpaid salaries, gratuities or pensions and without outstanding payments to contractors or suppliers whose work had been completed, verified and certified.
The former governor said he was releasing the clarification because of the public debate over his financial record in Anambra, but added that he would not engage in a prolonged exchange with the state government.
“I will neither engage nor trade words with anyone regarding my tenure in Anambra State,” he said.
Obi said his attention would instead remain on issues affecting Nigerians as he pursues his presidential ambition in the 2027 election.
Meanwhile, the Anambra State Government said the
documents shared on social media by Anambra State New Media, a platform affiliated with the state government, form part of its response to Obi’s claim that he did not leave outstanding debts at the end of his eight-year administration.
The records include a memo dated May 22, 2025, signed by a former head of service, and a terms-of-settlement agreement between the state government and the Amalgamated Union of Public Corporations, Civil Service, Technical and Recreational Services Employees (AUPCTRE).
The memo disclosed that the state government scheduled a second tranche of N363.381 million for payment in 2026 as part of an agreement to settle outstanding salary arrears involving the defunct Anambra State Water Corporation (ANSWC) and Anambra State Environmental Protection Agency (ANSEPA).
“The second payment in the sum of Three Hundred and Sixty-Three Million, Three Hundred and Eighty-One Thousand Naira only (N363,381,000.00) will be made in 2026,” it stated.
The memo, which referenced Article 7 of the terms of settlement, said the payment was part of the government’s commitment to fulfilling the agreement and addressing the hardship faced by affected workers and pensioners.
The beneficiaries include next of kin, staff and pensioners of the two defunct agencies.
It also proposed that the payment be processed through the state government payroll system using a dedicated account.
The document sought approval for the release of the funds to the beneficiaries, listing the vote charge as 61104001/23020105/10000003 and indicating a balance of N500 million.
The terms of settlement cited in the memo were signed by the state government and AUPCTRE on February 6, 2024.
The Soludo administration maintains that the N363.381 million represents part of the salary arrears inherited from Obi’s administration, which it said left the entitlements of workers and pensioners of the two agencies unpaid.
The government said that the first tranche of the settlement had already been paid, while the second payment was provided for under the 2024 agreement.