The Anambra State Government has questioned former Governor Peter Obi's argument that $156 million in investments left in 2014 was sufficient to offset alleged liabilities incurred during his tenure. Commissioner for Budget and Economic Planning, Chukwukadibia Okoye, stated that Obi still has questions to answer regarding the state's financial position when he left office. Okoye said Obi's defence was not in line with public accounting and generally accepted accounting principles.
Okoye stated that in public accounting, nobody refuses to account for a valid liability and when brought to attention, defence becomes that assets are sufficient to pay undisclosed liability. He said at the minimum, such accounting records are withdrawn and restated, a globally accepted standard. The commissioner also questioned the accuracy of Obi's claim that he left no liability other than N5 billion disclosed in his handover note.
The Anambra State Government presented records indicating external debts and financial obligations remained unsettled as of March 17, 2014. Okoye said the controversy was not simply about whether the state had assets capable of covering some liabilities but whether the handover statement provided a complete and accurate picture of the state's assets and liabilities. He also questioned the nature and valuation of some assets described as investments.
Okoye noted that not everything described as an investment represents cash or a readily realisable financial asset. An uncompleted project cannot be treated in the same manner as cash or a liquid financial investment, he said. Such an asset should be regarded as work in progress, with its value independently established. He also questioned the valuation of equity investments, citing the reported investment in Intafact.
According to Okoye, Intafact suffered a significant decline in value, raising an important accounting question: what was the basis of the valuation assigned to such investments at the point of handover? Were those valuations realistic, independently verifiable, and realisable? Obi's 2014 handover document listed $156 million in foreign-currency investments, N27 billion in local investments, and other balances.
The Anambra government maintained that external loans and financial obligations remained outstanding from Obi's administration, citing records showing eight external loan facilities and an outstanding balance of $92.35 million as of June 30, 2026. Obi rejected the government's claims, maintaining that he left office without outstanding salaries, pensions, gratuities, or liabilities to contractors.
Okoye said the $156 million investment argument did not resolve the controversy, as questions that need to be answered are much broader. What were the state's complete liabilities and commitments on that date? Have they been properly and fully disclosed? The real issue is the completeness and accuracy of the 2014 handover position.
Key points
- The Anambra State Government has questioned former Governor Peter Obi's claim that $156 million in investments was sufficient to offset alleged liabilities incurred during his tenure.
- The government presented records indicating external debts and financial obligations remained unsettled as of March 17, 2014.
- Okoye stated that the controversy centres on the completeness and accuracy of the 2014 handover position.
