WHAT’S PETER OBI’S LEGACY IN ANAMBRA?

Udodi Amalunweze argues the former governor could have done more

What is Peter Obi’s enduring legacy in Anambra State? He did not build a befitting stadium for Anambra, a leading sporting state. He did not build a single institution of higher learning. He did not institute a credible infrastructure for mechanised agriculture. In fairness to him, he constructed roads. He also built the Jerome Udoji State Secretariat and the Ministry of Lands’ headquarters. But he needs to explain why the roads constructed under his watch are in pieces while the ones built much earlier by his predecessor remain in good conditions. Was it to save money that he littered the state with substandard roads? Is it also the reason why the Lands Ministry headquarters he constructed has been evacuated, liable as it is to topple almost anytime soon? Was it in the name of financial prudence that a crony of his was awarded the contract for the construction of the State Secretariat that now exhibits monumental cracks? How long before the secretariat is abandoned to prevent it from crashing to the death of innocent civil servants?

There is a saying that if you dug deep into any anus, you encountered faeces. But Saint Obi is lucky to have as successor a peace-loving man who, even in the face of endless and misplaced media pummelling by Peter Obi’s errand boys, has refrained from letting the wind blow so that the public will see the fowl’s rear. That aside, let’s now address what appears like the most fundamental of Peter Obi’s entertaining story. He repeated his old claim that he “saved over N75 billion for Anambra State before he exited office.” As a retired civil servant who served through three governorships, I qualify for the Igbo saying that, “a polygamist or a woman twice married is in an excellent position to determine which of their spouses was the most adorable. I can say without fear of contradiction that Mr. Peter Obi has inflicted so much needless hurt on Governor Obiano. Mr. Obi claimed that he had spent billions of his own money to make Obiano governor, meaning that his government had made scant preparations for his successor. He demanded a refund of the said billions, this advocate of cost cutting. Had Governor Obiano acceded to his demands, it would have been left to conjecture the vast sums usable for social services that would have ended up in the unfathomable pockets of our apostle of financial prudence.

Even though Governor Obiano has continued to endure Peter Obi’s provocations with equanimity, Obi and his hack writers have continued with the story that he saved up N75 billion for Anambra State before leaving office, and that Governor Obiano had misappropriated the money and put Anambra in debt peonage. Nothing can be farther from the truth. Given my exposure, I was stunned from the first day I started hearing this falsification of facts. I, therefore, decided to subject Peter Obi’s claims to forensic scrutiny. Last November I had to postpone a trip to India for a live-saving surgery, just to listen as Professor Solo Chukwulobelu, the Secretary to the Anambra State Government, debunked Obi’s N75 billion claims. The document the SSG distributed on that occasion remains extant. I proceed with its contents to re-present the arguments. At the end of the exercise people should determine for themselves, which, between two tortoises, is male and which, female.

Peter Obi claimed to have saved the sum of $155 million in various Nigerian banks for Anambra State. This so-called saving was in Eurobonds. According to Prof Chukwulobelu, “During the final months of the last [Obi’s) administration, the State invested a total of US$155m (N26.5bn) in Eurobonds and other foreign denominated securities held with Access Bank, Fidelity Bank and Diamond Bank. These funds are still intact and have not been liquidated. Given the current decline in Nigerian capital markets, this portfolio of Eurobonds had a market value of approximately US$132m (N26.4bn), reflective of prices dated September 21, 2015. If ANSG were to liquidate the portfolio, the State would incur a US$ loss of $32 million (14.8 percent) and a Naira loss of N 100 million, respectively. The current administration has appointed a reputable investment banking firm named Afrinvest West Africa Limited to optimally manage the investment portfolio.”

Based on the above, does it make sense to claim as Obi’s crew has been doing that the money has been frittered away by the Obiano administration? Let’s look at Obi’s local currency investments. There are 19 different listings in this category termed “Investments”, and totaling N27 billion. However, four of these – (1) Investment with Bank of Industry to Support SMEs in Anambra State (N500m); (2) Investment to Support Micro Credit Bank in Anambra State (N500m); Counterpart funds (with BOI) for SME facility; (3) Investment with Bank of Agriculture to Support credit to Anambra Farmers (N480m), and (4)Commercial Agriculture Scheme (N1 billion); Funds borrowed from the federal government for on-lending to farmers in the state via the Ministry of Agriculture and All Farmers Association of Nigeria (ALFAN), Anambra Chapter – were no investments.

The real investments included the Nigeria Independent Power Projects (N9 billion), Orient Petroleum Resources Plc (N4 billion) invested at specific periods by Governors Ngige, Virgy Etiaba and Obi; Onitsha Hotel, Onitsha (N1 billion). What to note here is that not a single one of these investments has been liquidated by the Obiano administration. Not one of them has been cancelled. Not a single one of them has been sold off. Work continues at each of them at various stages. For instance, on the Agulu Lake Hotel in which the last administration invested N1 billion, the Obiano government has settled certificates totaling N891 million, while management agreement is being finalised with an internationally renowned reputable hotelier. Again, on the Awka Shopping Mall, the Obi administration invested N900 million. Under Governor Obiano’s watch, a further N1 billion has so far been paid to the contractors on the project. Indeed, the project design has been amended to include a cinema in the shopping mall while agreement is being finalised with Genesis Deluxe Cinemas and Spar to serve as anchor tenants. For the Nnewi Shopping Mall, the previous government paid some N600 million as initial mobilisation fee to the contractor. Since then the Obiano administration has settled contract certificates to the tune of N700 million, while discussing with Spar and Dubai-based entertainment arenas as anchor tenants. It should be noted that not a single one of these contracts awarded by Peter Obi was revoked. Not a single one of the projects has been abandoned.

Nothing in all these suggests the embezzlement of any funds or the abandonment of any inherited projects by the Obiano administration. But, every so often, Peter Obi claims that he bequeathed N75 billion to his successor, while his amplifiers take up the chorus, magnifying the lies that theN75 billion had been embezzled. This is neither politics nor patriotism. It is deceit, pure and simple.

It is important to read from Professor Chukwulobelu again: “… to provide a true and fair picture of the State’s net position on March 17, 2014, (ex-Governor Obi’s) Investments Handover Notes ought to have captured current liabilities and contingent liabilities also borne by the previous administration as at the time of handover. To put this in context, the total portfolio of inherited projects valued at approximately N185bn was however not captured in the breakdown of the handover notes. Nonetheless, given the fact that the true test of good governance lies in a government’s ability to ensure policy continuity and consistency irrespective of perceived political differences, the current administration created a strategic plan titled “the 4Cs strategy” to achieve this. Key components of this strategy are 1) Continue, 2) Complete, 3) Commission all inherited projects and 4) Commence the implementation of a comprehensive economic blueprint centered around achieving sustainable and inclusive economic development.

“To this end, since March, 2014, Governor Obiano has paid a total sum ofN46.8bn to contractors on inherited projects; this figure represents over 50% of total FAAC revenues received between March, 2014 and August (2015). It is also pertinent to note that the foreign currency investments totaling US$155m have not been liquidated to fund any payments of certificates arising from inherited projects. Indeed these investments are presently showing an unrealised (book or notional) loss of -14.8% in US$ or 0.003% in Naira.”

One more point. Peter Obi’s handover notes state that the sum of N10 billion was listed as the total federal approved refunds due to Anambra State for reconstructed federal roads. Well, the figure since jumped to N44 billion, as Federal Works Minister Babatunde Fashola will testify. The extra N33 billion was expended by the Obiano administration to keep vehicular locomotion unimpeded in Anambra State. The man deserves every praise for diligence. Amalunweze, a retired civil servant, wrote amaluagunanya@gmail.com