Former Anambra State Governor, Peter Obi, has claimed that he left over $150 million in state investments when he handed over power in 2014. Obi made this statement in response to the ongoing controversy over the state's external debt and financial position during his tenure. He argued that the funds, which constituted the dollar component of his investments in the state, were left in various bank accounts that could be independently verified.
The Anambra State Government has released documents detailing N363.38 million in salary arrears owed to workers and pensioners of two defunct state agencies. This development contradicts Obi's insistence that he left the state without debt. The state government's revelation has sparked a fresh controversy over the state's financial position during Obi's tenure.
Obi claimed that the investments were expected to generate about $10 million annually for the state if they had remained untouched. He 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. This, he claimed, could have brought the total value to approximately $335 million.
The Anambra State Government has asserted that Obi's administration left $123.77 million in external loan obligations, of which $92.35 million remained outstanding as of June 2026. However, Obi disputed this description, 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.
Obi 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 questioned how the state could have inherited $123.77 million from his administration, given that the figure stood at about $45.15 million in December 2014, nine months after his departure.
The former governor also claimed that he did not approach any financial institution to borrow money or issue a bond on behalf of Anambra during his tenure. He maintained that he left office without unpaid salaries, gratuities, or pensions and without outstanding payments to contractors or suppliers whose work had been completed.
The controversy over Anambra's financial position during Obi's tenure continues, with both parties presenting conflicting claims. While Obi insists that he left the state with significant investments and no debt, the state government presents records of salary arrears and external loan obligations. The issue remains a matter of public debate and scrutiny.
Key points
- Peter Obi claims he left $150m in state investments in 2014.
- The Anambra State Government reveals N363m in salary arrears owed to workers and pensioners.
- Obi disputes the state's external debt obligations, citing Debt Management Office records.
