Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Abia State Governor Alex Otti has doubled down on his claim that former Anambra State Governor Peter Obi left about $155 million in three banks when he left office in 2014, insisting that he personally witnessed and facilitated the financial arrangements as the then Chief Executive Officer of Diamond Bank. Speaking on Friday, September 25, 2026, during an interview on Arise Television, Otti said his account was a statement of fact documented in a June 8, 2020 article titled "The Triumph of Profligacy Over Prudence," and that the renewed controversy over Obi's financial record did not invalidate what he wrote six years ago.
"I stand by my statement," Otti declared. "They are referring to what I wrote in 2020. I think that was June 8, 2020. I was using it to prove that it's still possible for people to be prudent in government." He explained that Obi had intended to leave the funds in naira, but he advised against it because of the currency's depreciation. "He was going to leave the money in naira, and when he came to me and I said no, this naira you want to keep, naira will keep losing value. So you probably want to convert it to dollars, and it was converted," Otti said. "I personally helped him exchange naira to dollar about $155 million."
Otti's intervention comes amid an escalating dispute between Obi's camp and the Anambra State Government led by Governor Chukwuma Soludo over the state's debt profile. The Anambra State Government had released loan records claiming that eight external borrowings associated with Obi's tenure had a combined contracted value of $123.77 million, with $92.35 million still outstanding as of June 30, 2026. The state's Commissioner for Finance, Izuchukwu Okafor, claimed the Soludo administration was still servicing debts incurred by Obi and other past governors.
Obi has rejected those claims, insisting he did not borrow a kobo from any financial institution during his eight years as governor and that he left over $150 million in funds. Otti's testimony corroborates Obi's account. According to Otti, the $155 million was converted and invested in foreign-denominated instruments and the Tier-2 capital of Nigerian banks, with the investment syndicated across three institutions: $50 million in Diamond Bank, $50 million in Access Bank, and $55 million in Fidelity Bank. He said the arrangement was structured to mitigate counterparty risk and guarantee liquidity, with some investments having maturities extending several years.
Otti also drew a clear line between the savings and the debts. He said his intervention was limited to the funds he personally witnessed being converted and invested, and that questions concerning any debts owed by the state should be addressed by the Anambra State Government. "If otherwise, the Anambra State Government should publish the debts," he challenged. He noted that the allegations from the Soludo administration did not cancel what he wrote in the past or erase the credit Peter Obi left behind.
The dispute has become a central issue in the build-up to the 2027 general elections. Obi, the presidential candidate of the Nigeria Democratic Congress, has made his record as Anambra governor a cornerstone of his campaign, citing the savings he left behind as proof of prudent management. The Anambra State Government and the Presidency have challenged his claims, with the Special Adviser to the President on Information and Strategy, Bayo Onanuga, calling on Obi to withdraw from the presidential race if his claims were proven wrong. The intervention of Otti, a former banker with no known political allegiance to Obi, adds a new dimension to the controversy.
Obi had earlier on Friday welcomed Otti's confirmation. "Thank God Otti confirmed this morning during an interview on Arise TV. I left 150 million dollars in savings," Obi said. He also insisted that he left no debt for the state, stressing that he was the only governor who saved about $150 million during his tenure. He further revealed that he and his wife are godparents to Soludo's children, underscoring the personal dimension of the dispute.
The Anambra State Government has not yet responded to Otti's challenge to publish the state's debt profile. The controversy is likely to continue as the 2027 elections approach, with both sides sticking to their figures and the people of Anambra State left to weigh the competing claims of two of the state's most consequential political figures. For now, Otti's intervention has tipped the scale in Obi's favour, but the substantive question of who is telling the truth about Anambra's finances remains unresolved.
📩 Stone Reporters News | 🌍 stonereportersnews.com
✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments