Anambra Debt Saga: Former SSG Breaks Silence, Exposes Official Records Proving Peter Obi Left ₦86.6 Billion Net Savings
The political landscape in Anambra State—and Nigeria at large—has reached a fever pitch following a heated fiscal dispute. The controversy centers on the financial legacy of former Anambra State Governor and 2023 Labour Party presidential candidate, Peter Obi.
After days of back-and-forth claims between the current Anambra State administration led by Governor Charles Soludo and Peter Obi’s camp over alleged inherited external debts, former Secretary to the Anambra State Government (SSG), Oseloka H. Obaze, officially broke his silence.
By publishing certified handover documents and setting the record straight, Obaze provided a comprehensive accounting breakdown of what truly transpired when Peter Obi exited office on March 17, 2014.
Background of the Dispute: The N127 Billion Debt Claim
The controversy reignited when officials from the current Anambra State administration, led by Information Commissioner Dr. Law Mefor and Finance Ministry representatives, alleged that Peter Obi left behind substantial financial liabilities.
The state government claimed:
-
$123.77 Million in External Loans: According to state records citing Debt Management Office (DMO) figures, Obi’s administration contracted external loans totaling over $123 million across eight tranches between 2007 and 2013, with a balance standing at roughly N127.4 billion in current conversion rates.
-
Unpaid Arrears: Claims were raised regarding outstanding gratuities, pensions, and local contractor debts.
-
Ecological Funds: The state government disputed the nature of a N2.13 billion First Bank account tied to erosion control projects.
Peter Obi immediately pushed back against these assertions, stating that his administration cleared historical debt arrears exceeding N35 billion and never borrowed locally or left uncertified contractor bills. Obi went so far as to challenge the state government: “Prove I left debt, and I will quit active political campaigning.”
The SSG’s Intervention: Oseloka H. Obaze Speaks Out
To settle the fiscal record, Oseloka H. Obaze—who served as the SSG under Peter Obi from 2006 to 2014—publicly released the original Handover Note and Financial Summary Letter presented to incoming Governor Willie Obiano on March 17, 2014.
Obaze confirmed he was physically present alongside key cabinet members when former Governor Obiano formally acknowledged and signed for the handover report and its accompanying certified bank statements.
┌─────────────────────────────────────────────────────────────────┐
│ ANAMBRA STATE TREASURY BREAKDOWN (MARCH 2014) │
├─────────────────────────────────────────────────────────────────┤
│ Cash Balances (Ministries, Departments, & Agencies) : ₦28.17B │
│ Local Investment Holdings : ₦27.00B │
│ Foreign Currency Holdings ($156M USD Equivalent) : ₦25.60B │
│ Federal Government Refund Due : ₦10.00B │
├─────────────────────────────────────────────────────────────────┤
│ GROSS ASSETS LEFT IN TREASURY : ₦90.77B │
│ Set-aside for March 2014 Salaries & Pension Liabilities: (₦5.00B) │
├─────────────────────────────────────────────────────────────────┤
│ NET TOTAL SAVINGS & ASSETS LEFT BEHIND : ₦85.77B │
└─────────────────────────────────────────────────────────────────┘
Key Takeaways from the Official Documents
1. Breakdown of the ₦86.6 Billion Asset Base
According to the certified documents released by Obaze:
-
₦28.17 Billion: Liquid cash balances remaining across various state Ministries, Departments, and Agencies (MDAs) in commercial banks.
-
₦27.00 Billion: Committed local investments, including shares in corporate entities and bank instruments.
-
₦25.60 Billion ($156 Million USD): Foreign currency investments, including allocations in Sovereign Wealth Funds and foreign dollar deposits designed to yield long-term returns for the state.
-
₦10.00 Billion: Approved federal government refunds owed to Anambra State for federal road repairs completed by the Obi administration.
2. Provisions for Contingencies and Liabilities
Obi’s administration earmarked ₦5.0 billion specifically to cover transition costs, including March 2014 civil service salaries, verified pensions, and contractor certificates ready for payout. This left a clear net balance of over ₦85.77 billion.
3. The Truth About the Foreign Concessional Loans
Addressing the state’s $123.77 million external loan claims, Obi’s team and former cabinet members clarified that these were long-term, multi-decade multilateral loans (from institutions like the World Bank and African Development Bank) for structural projects in erosion control, health, and education. These concessionary borrowings featured multi-year grace periods, ultra-low interest rates (under 1%), and maturities spanning 30 to 40 years—designed specifically so that state savings and investments would easily outpace servicing costs.
4. The ₦2.13 Billion Ecological Account
Responding to questions regarding erosion funds, the records verify that ₦2.13 billion was kept intact in First Bank Account No. 2018779464 (Nnamdi Azikiwe University Branch) specifically tied to the Oko/Umuchiana gully erosion project. Obi refrained from touching these funds prior to his exit, ensuring the project could proceed seamlessly under the incoming administration.
Historical Precedent: Obiano’s Past Admission
Obaze also drew attention to historical televised records. During a live broadcast debate in November 2017, former Governor Willie Obiano acknowledged receiving ₦9 billion in cash and ₦25.6 billion in foreign currency/script issues ($156 million) directly from the Obi administration upon taking office.
Furthermore, former Taraba State Governor Darius Ishaku previously attested to the Nigerian Press Corps that Obiano confirmed receiving substantial liquid savings from Peter Obi, which significantly funded major state projects like the Anambra International Cargo Airport in Umueri.
What This Means for Governance Transparency in Nigeria
The public release of certified bank balances, account numbers, and signed handover logs sets a rare standard for fiscal accountability in Nigerian politics.
Rather than relying on unverified political rhetoric, the availability of clear financial paper trails allows citizens and auditors to evaluate claims objectively. As governance debates continue, the documents provided by former SSG Oseloka Obaze offer an authoritative benchmark regarding the true financial state of Anambra State in March 2014.
