By News Express on 30/11/2015
The International Society for Civil Liberties & the Rule of Law (Intersociety) and Anambra State Branch of the Civil Liberties Organization (CLO) at the weekend exposed and presented Anambra State Governor, Chief Willie Obiano, as an ingrate and lying governor whose administration has resorted to lies and propaganda in a fruitless bid to stain “the unstained and unrivalled legacy of his predecessor,” Mr Peter Obi. Marshalling out facts and figures, the two frontline rights groups declared “the entire allegations against him (Obi) fraudulent, distractive, watery and a campaign of calumny designed to hurt the people of Anambra State and threaten the towering legacy secured and left for them by former Governor Peter Obi.”
Intersociety and Anambra CLO in the two-part statement released on Saturday and Sunday provided proof that “Grand Total Value of Local Investments in named companies, Foreign Currency Bond Investments & Cash left in the above named commercial banks as of 17th March 2014 was N95.18 Billion (not N75 Billion).”
The statement entitled ‘Saving Anambra State From Governance of Legacy Destruction & Indebtedness’, was signed by Intersociety Board Chairman Emeka Umeagbalasi; Head, Civil Liberties & Rule of Law Programme, Obianuju Igboeli, Esq.; Anambra CLO Chairman, Comrade Aloysius Attah, and Secretary, Comrade Chibueze Nwajiaku. It declared that “many, if not most of the projects Governor Obiano inherited from his predecessor, which he publicly vowed to continue, complete and commission are left abandoned and uncompleted. Governor Obiano inherited from his predecessor, which he publicly vowed to continue, complete and commission are left abandoned and uncompleted.”
Intersociety and Anambra CLO raised an alarm that Obiano has already borrowed N10 Billion in less than two years of his governorship, for which “a staggering sum of N21.9 Billion will be repaid, including its principal of N10 Billion and interests of 11.9 Billion.” The rights groups lamented: “There is also a report that the Obiano administration has put machinery in motion to raise another bond (loan) of N50 Billion from local sources. Anambra State may most likely end up incurring between N150 Billion to N200 Billion debts by the end of the Obiano’s first tenure in the next two years.” Below is the text of the statement:
“The leaderships of International Society for Civil Liberties & the Rule of Law (Intersociety) and Anambra State Branch of the Civil Liberties Organization (CLO) have resolved to call on the Government of Anambra State under His Excellency, Mr. Willie Obiano to concentrate on governance of the State and pay warm and friendly attention henceforth to the good private and public affairs and conducts of his predecessor, His Excellency, Mr. Gregory Peter Obi. Former Governor Peter Obi and his towering legacy in the State should be celebrated at all times and not vitriolic attacks and vilification he undergoes presently in the hands of those he laboured so much to establish for the purpose of moving the State further to enviable heights. The Obiano administration must also restrain itself from sinking the State into serial indebtedness and resist returning same to the dark era of fiscal enslavement and governance without clear and development oriented policy direction. The Governor is further advised to relieve any of his aides, including media aides; attracting negative image to his Government or directly or indirectly making his administration to lose focus of governing the State; of their duties.
“We had in recent past made similar calls and further advised the Governor to trim down the number of aides working for him; because too many cooks, they say; spoil potential good soup. Our speaking out followed the recent unhealthy development or rivalry between the camp of the Governor and his predecessor. Such rivalries are not only unnecessary but also have the capacity of derailing the governance of the State and launching the State back to the path of backwardness and infamy. We wish to state further that measurable governance successes are not achievable through media propaganda or media noise making, but by governance realities on the ground. Names are also not written in gold by engaging in obvious legacy destruction, but by embarking on positive governance activities that can stand the test of time.
“Making steady negative reference or unfavourable public comments against the man that worked so hard to put smiles on the faces of the Anambra People, who Governor Willie Obiano himself, has severally acknowledged publicly; is totally counterproductive and self-hurting. It is important to remind the Governor that the governance records of his predecessor are like gold that can never be stained or destroyed by anybody or a race. The records are also like a newspaper that can easily be picked up at any street corner, read and digested.
“We have also long realised that Nigeria is like land of the blind; where the achievements of one-eyed leader are mostly seen among the blind as an anathema particularly in the corridors of power. That is to say that because most of the public office holders in Nigeria are failures, they can go to any length or do anything to sustain the legacy or culture of failure, including by engaging in legacy destruction of few who are great achievers of modern times.
“Our keeping quiet in the public affairs of the State for some time is not out of fear or cowardice, but to watch and see the governance direction of the Obiano administration and its expected consolidated development plan for the State and its people. Our advocacy campaign styles are steadily anchored on constructive criticism. That is to say that we criticise and condemn government and its actions where and when necessary and commend same with proffered solutions where and when necessary.
“Obi’s Cash & Investments for Anambra People: Putting the Records Straight: We have watched with total dismay the steady politicisation of the cash and investments secured and left for the people of Anambra State by Mr. Peter Obi and his former administration. It is also shocking and worrying that rather than consolidating on the towering legacy left for the State by former Governor Peter Obi, a culture of intractable parasitism has steadily been hung around the neck of the legacy by the present Government of Anambra State, as if the State is destined to sink or cannot proceed and progress without the Obi’s cash and investments.
“Elsewhere in Lagos State, former Governor Babatunde Fashola left a huge public debt of N311 Billion for his successor; Governor Akinwunmi Ambode. The huge public debt excludes over N200 Billion inherited from former Governor Ahmed Bola Tinubu in 2007; yet governance has not collapsed in the State under the Ambode administration. Former Governor Fashola was even rewarded recently by the Buhari Presidency with headship of three key federal ministries of Power, Works and Housing. In Delta State, Governor Ifeanyi Okowa recently disclosed publicly that he inherited contractual liabilities of N535 Billion from his predecessor, former Governor Emmanuel Uduaghan. Till date, former Governor Uduaghan has not statistically refuted or denied the gubernatorial disclosure of dishonoured huge contractual obligations. The DMO’s official records also showed that Delta State owed over N235 Billion in local and foreign debts as at May 2015; yet governance has not collapsed in the State.
“Instances of states where their new governors inherited hundreds of billions of naira worth of local and foreign debts as well as multi-billion naira contractual liabilities for completed and commissioned projects are numerous to mention. In a number of states, their federal fiscal allocations are cut by 30% or more through the Irrevocable Payment Standing Orders (IPSOs); popularly called “deductions at source”, for the purpose of compelling the affected states to honour or meet their repayment terms required for State bond(loan) approvals and repayments.
“But in Anambra State, the reverse was totally the case under the former Peter Obi administration where the State, for the first time in many decades, was governed and left in near-zero debt and huge cash and investments credit or surplus. As a core stake holder in the State public governance till date, we have done several thorough and independent investigations in matters of public finances of the State including public local and foreign loans as well as issue of honouring or dishonoring of contractual obligations. Most of the investigations were done during the Obi administration and after his administration’s exit.
“On the issue of public debts, for instance, the total unsettled public debts under the Obi administration, which were remainder of debts incurred by previous administrations in the State; stood at N7.9 Billion; comprising foreign loan of $30.32 Million or N4.85 Billion and local debt of N3.02 Billion (see DMO’s sub national public debts report of December 31st 2013, which was same in March 2014). The State’s local debt as at 31st December 2012 stood at N14.2 Billion, while its foreign debt then stood at $26.7 Million or N4.1 Billion; totaling N18.4 Billion. That is to say that the two debts decreased from N18.4 Billion in December 2012 to N7.9 Billion in March 2014. The same DMO’s public debts report of December 31st 2014 (for sub national local debts) and 30th June 2015 (for sub national foreign debts) indicates that while Anambra State local debt has slightly decreased from N3.02 Billion to N2.87 Billion, its foreign debt has increased from $30.32 Million in December 2013 up to March 2014; to $45.15 Million in December 2014; bringing the two loans to a total of N12.07 Billion as at date (using official exchange of N200.00 per US$). Former Governor Peter Obi left office for Governor Willie Obiano on 17th March 2014.
“The two debts overhang under reference did not include the controversial loan of N10 Billion recently secured or about to be secured by the Obiano administration. The conditions attached to the publicly and futuristically harmful loan, tagged “CBN Infrastructure Development Facility (loan) of N10 Billion for Anambra State November 2015”; are shocking and alarming. The loan facility of N10 Billion is to be repaid by installments and paid fully in 20 years or 240 months using Irrevocable Payment Standing Order or deductions at source; at interest of 9% or N11,909,295.002 (Eleven Billion, Nine Hundred & Nine Million, Two Hundred & Ninety-Five Thousand, Two Naira). That is to say that with N10 Billion borrowed today, a staggering sum of N21.9 Billion will be repaid including its principal of N10 Billion and interests of 11.9 Billion. There is also a report that the Obiano administration has put machinery in motion to raise another bond (loan) of N50 Billion from local sources. Anambra State may most likely end up incurring between N150 Billion to N200 Billion debts by the end of the Obiano’s first tenure in the next two years.
“See the following links to the Debts Management Office (DMO) of the Federation for more details:
“On the issue of contractual liabilities of N185 Billion being credited to former Governor Peter Obi administration by the Obiano administration, it is a fact built on our several investigations that a contract liability is not a debt unless such a contract is started, completed and certified with outstanding certificate or contract sums not paid fully by the awarding authority after project completion and certification. It is also a public knowledge that former Governor Peter Obi administration applied to the letter the policy of pay as executed and completed.
“That is to say that in road contract, for instance, payment is made on completion of designated kilometres of road before moving to next phase. Using this methodology, no contractor under his administration was owed over a contract completed. In the handover letter the former Governor handed over to his successor, dated 17th March 2014 and referenced: ANGH/S/HE/INT/1/2599, which we thoroughly investigated then; a cash payment warrant amounting to N5 Billion comprising salaries, pension and gratuity for the month of March 2014 and approved payment certificates of already executed and completed projects; was approved and this was clearly indicated in the fourth paragraph of the first page of the handover letter. This was also deducted from the MDAs’ cash balance inherited by Governor Obiano. The Obiano administration is, therefore, challenged to disclose and publish publicly unpaid contractual liabilities or debts associated with contracts awarded, executed and completed under former Governor Peter Obi administration.
“We are also aware that 95% of all public service arrears in the State were liquidated before the exit of the Obi administration. One of the few that remained was the arrears owed the State Water Corporation staff, owing to protracted legal tussle with the Obi administration which was later liquidated through a garnishee order of the Federal High Court leading to seizure of one of the Obi’s savings in the First Bank PLC.
“Above all, government is a continuum; which is why Governor Obiano in his inaugural speech unfolded his three CCC programme of continuation, completion and commissioning. When Peter Obi took over from Dr. Chris Ngige in March 2006, he continued and completed all his projects, including rebuilding of burnt Government House and the Judicial Headquarters as well as various road projects such as Old Awka-Enugu and Umuchu-Amesi-Uga-Ezinifite-Igboukwu Roads. When he was unlawfully impeached in November 2006, Lady Virginia Etiaba continued his projects and when he returned from the unlawful impeachment in February 2007, he inherited, continued and completed all road projects awarded by the Etiaba acting governorship, including those concentrated in Nnewi zone.
“Sadly, the Obiano administration is not following such laudable footsteps. We have gone round the State and shockingly found that many, if not most of the projects Governor Obiano inherited from his predecessor, which he publicly vowed to continue, complete and commission are left abandoned and uncompleted. These include roads, public hotels and malls. Many of the asphalted roads in the State have failed owing to effects of the last rainy season, soil volatility of the State landscape and its high vehicular usage as well as unchecked blockage of gutters and drainages.
“These explain why we are deeply worried and concerned that instead of the Obiano administration working hard to consolidate the culture of giving Anambra people smiling faces at all times and creating its own leadership legacy; it is busy distracting itself in the governance of the State. This is more so when the Anambra 2017 is around the corner. Till date, Obiano’s violent crime control achievement cannot easily be dismissed or wished away. Yet instead of consolidating in other key governance areas, the Obiano administration is steadily distracting itself over the unstained and unrivalled legacy of his predecessor.
“The more the Obiano administration attempts in futility to demonise and blacken the towering legacy in office of his predecessor, the more it makes itself unpopular and darkens its chances of shoring up its popularity among the Anambra electorates. The more it works in vain to misrepresent facts about the towering legacy of former Governor Peter Obi, which earned him a prestigious award in socio-economic governance from the Southeast Human Rights Community in 2014; the more incontrovertible facts emerge over the actual amount of cash and investments that he left for the people of the State.
“We are also alarmed to observe that the safety of some of those investments is under a serious threat. Our long silence over all this despite our enviable roles as a core stakeholder in Anambra governance; is for the purpose of allowing the accusing camp or the Obiano administration to furnish the public with counter evidential facts or pieces of documentary valid evidence so as to rubbish those being paraded by the accused or the Obi’s camp. We have also waited for the third parties mentioned in the counter-legacy claims such as named commercial banks and companies (i.e. Intafact) to publicly disclaim the existence of those investments, account numbers and their cash deposits and their linkage with the Government of Anambra State as at 17th March 2014; but till date, none has taken place.
“We had also expected the Obiano administration to make a formal complaint to the Nigeria Police Force against former Governor Peter Obi with respect to criminal complaints of fraud and forgery as they concern his public statistical disclosure about the existence of the cash and investments together with their deposit instruments and entities; yet none has taken place; likewise the third party entities so named; whereby they were expected to have dragged Mr. Peter Obi to police or court for forgery and fraud; yet nothing of such has happened; thereby making the entire allegations against him (Obi) fraudulent, distractive, watery and a campaign of calumny designed to hurt the people of Anambra State and threaten the towering legacy secured and left for them by former Governor Peter Obi.
“Finally, we humbly and sincerely wish to inform all and sundry that new incontrovertible facts we discovered lately in the course of our investigation over the controversy have additionally indicated that former Governor Peter Obi toweringly left for Anambra State and its people:
“(1) Total Cash Value of Local Investments of N27.2 Billion as at 17th March 2014
“(2) Total Cash Value of Foreign Currency (dollar) Bond Investments of $155.48 Million or N26.5 Billion as at 17th March 2014
“(3) Total Cash of N41.48 Billion left in the MDAs accounts in the above named commercial banks as at 17th March 2014
“That is to say that the Grand Total Value of Local Investments in named companies, Foreign Currency Bond Investments & Cash left in the above named commercial banks as of 17th March 2014 was N95.18 Billion (not N75 Billion)
“That the Total Value of Local Investments as at today; November 28th 2015, has risen to N40, 9 Billion from N27.2 Billion in March 2014.
“That the Total Value of Foreign Currency (Dollar) Bond Investments (in Diamond, Fidelity & Access Banks) as at today; November 28th 2015, has risen to N35.36 Billion or $176.8 Million (from $155.48 Million or N26.5 Billion in March 2014); gaining a surplus of $21.31 Million or N8.86 Billion.
“That the Total Value of the above named Local Investments in named companies, MDAs Cash left in the above named Commercial Banks and the Foreign Currency (Dollar) Bond Investments in Diamond, Fidelity & Access Banks as at today; November 28th 2015, has risen to N117.74 Billion (from N95.18 Billion in March 2014).
“That the Peter Obi administration left a total cash and investment of N95.037 Billion for Anambra State and its people as at 17th of March 2014, and its current value has hit N117.74 Billion as at date; 28th November 2015, with surplus of N22.7 Billion.
“The statistical breakdown of the local investments, bond investments and cash left in the MDAs as at 17th March 2014 will be graphically provided in the second and concluding part of this publication.
“For the records and avoidance of doubt, the consistent and uncompromising advocacy roles of the Anambra State Branch of the Civil Liberties Organization in promoting democracy, good governance and public accountability as well as preservation and protection of human rights particularly the civil and political rights in Anambra State is dated back to 1999 during the return to civil rule in the State and reached their peak during the 2003 armada of electoral fraud. The same roles by the International Society for Civil Liberties & the Rule of Law started in 2009 and have remained resiliently sustained since then. Our common objective in doing these is for the advancement and sustenance of the collective interest of the people of the State through democracy, good governance, public accountability and human rights.
“Again, we call on the Government of Anambra State under Governor Willie Obiano to move the State forward and stop dwelling in the past. Former Governor Peter Obi has governed the State and left it with enviable records yet to be attained by any Nigerian State Governor in the past forty years. What is desperately needed by the State and its peace-loving people is to be taken to greater heights and not to be returned to cave and pariah status through politics of legacy destruction and indebtedness. We remain resiliently opposed to attempts to sink the State into serial indebtedness.
“For Governor Willie Obiano to succeed and write his name in immortal gold, he must return to the drawing board and streamline his governmental approaches particularly in the area of management of governance costs. The Governor must be reminded that Anambra People did not elect him for the purpose of comfort of office and promotion of favouritism, nepotism and cronyism or for the purpose of owambe governance; but to steadily put smiles on the faces of the people of the State through massive infrastructural development and maintenance as well as mass provision of tangible and intangible dividends of democracy. A governor that maintains up to 200, if not over 200 SAs alone and still appointing more till date; has laid a foundation of governance failure. With this number of SAs (operating under trees) alone, there is compound confusion in the State corridors of power as well as such SAs functioning as SAs of distraction and destruction.
“The Governor should return to work and embark on massive rehabilitation of all failed portions of the State roads under operation zero portholes. Many of the State’s inter-LGA and inter-city roads have failed in part owing to devastating effects of the last rainy season, soil volatility of the State landscape as well as unchecked blockage of drainages and waterways. All the 21 LGA chairmen should be directed to compile and forward for immediate attention all the failed roads in their areas. We further demand the immediate recommencement of work on all road projects in the State, including those started by former Governor Peter Obi administration and those awarded by the present Obiano administration; irrespective of their areas of location. We totally say no to project abandonment in the State!
“We have also observed that the Lagos Park (former MICMERA) to Onitsha Army Barracks section of the Onitsha-Enugu Expressway as well as the Toronto Hospital to the Grail Message service lane of the Expressway is yet to be fully asphalted till date. This should be completed inexcusably. Permanent solution should also be found to address the menace of the flood threatening to cut off and wash away the newly reconstructed Nkpor-Awka Old Road at its Ogidi section. The Burrow Pit hosting the flood is overstretched; requiring a proper drainage to evacuate the flood to neighbouring rivers or floodways. Issue of blocked drainages and gutters in the State should promptly be addressed using this dry season. The Governor’s intervention at the Nkpor Flyover gullies along Onitsha-Enugu Expressway without waiting till thy kingdom come for Federal Government; is very commendable. Similar intervention at the gullies threatening the lifespan and usage of the Onitsha-Owerri Dual Carriage Road at Okija (opposite Obijackson Industries) is also commendable. Such intervention is further needed at the right side of the Okija Bridge, which has completely collapsed.
“Below is the statistical breakdown of the cash left by the Peter Obi administration in the State’s Ministries and Departments (MDAs) bank accounts as well as foreign currency (dollar) bonds in Fidelity, Diamond and Access Banks and the State’s capital investments in companies named below; as at 17th March 2014. Also contained in the statistical breakdown are the surpluses yielded by the two investments as of November 2015, excluding the liquid cash so left for Governor Willie Obiano. We, therefore, call on Governor Willie Obiano to ensure the protection and safety of the two sets of investments as well as investment of the State resources in more thriving and lucrative companies. If any of the investments has truly gone missing, it must be located, brought back and restored.
“Banks Where the MDAs’ Cash Balances of N41.48 Billion were lodged as at 17th March 2014:
“A. Fidelity Bank PLC:
“(1) Account Name: School Borehole Project Account; Account No: 5030025215; amount as at 17th of March 2014 was N115,811,677.65; (2) Account Name: Anambra State School Development Project Account; Account No: 5030025246; amount as at 17th March, 2014 was N354,334,833.51; (3) Account Name: Ministry of Commerce and Industry; Account No: 5030005521; amount as at 17th March, 2014 was N820,649,577.74; (4) Account Name: Special Excess Crude Account; Account No: 5030005239; amount as at 17th March, 2014 was N2,072,864,334.98; (5) Account Name: Anambra State Special Project Account; Account No: 5030005332; amount as at 17th March, 2014 was N101,906,722.45; (6) Account Name: Ministry of Works; Account No: 5030005514; amount as at 17th March, 2014 was N2,403,862,359.89; (7) Account Name: Anambra Strategic Reserve Account; Account No: 5030025875; amount as at 17th March, 2014 was N808,099,248.30.
“Others are: (8) Account Name: Ministry of Works (DLA) Account; Account No: 5030025545; amount as at 17th March, 2014 was N2, 029,706,380.45; (9) Account Name: Ministry of Education Account; Account No: 5030005772; amount as at 17th March, 2014 was N142,748,067.90; (10) Account Name: MDG Set Aside Project Account; Account No: 5030042724; amount as at 17th March, 2014 was N199,024,262.09; (11) Account Name: MDG Set Aside Project Account; Account No: 5030042731; amount as at17th March, 2014 was N199,024,262.09; (12) Account Name: MDG Set Aside Project Account; Account No: 5030042748; amount as at17th March, 2014 was N199,024,262.09 (13) Account Name: MDG Set Aside Project Account; Account No: 5030042755; amount as at 17th March, 2014 was N199,024,262.09 (14) Account Name: MDG Set Aside Project Account; Account No: 5030042762; amount as at17th March, 2014 was N199,024,262.09.
“The rest are: (15) Account Name: MDG Set Aside Project Account; Account No: 5030042717; amount as at17th March, 2014 was N199,024,262.09; (16) Account Name: Ministry of Public Utilities/ Water Resources Account; Account No: 5030045428; amount as at 17th March, 2014 was N209,420,221.47; (17) Account Name: Local Govt Community Development Account; Account No: 5030042391; amount as at 17th March, 2014 was N1,734,069,061.09; (18) Account Name: Anambra State Government Rehabilitation of Roundabout Roads Account; Account No: 5030047138; amount as at 17th March, 2014 was N3,399,545,250.00; and (19) Account Name: Anambra State Government Account: Account No. 530047097; amount as at 17th of March 2014 was N3,048,355,196.79.
“Total Cash Balance in Fidelity Bank as at March 17th, 2014:N18,435,518, 504.3 (Eighteen Billion, Four hundred and Thirty-Five Million, Five Hundred and Eighteen thousand, Five Hundred and Four Naira, Three Kobo).
“B. Diamond Bank PLC:
“(1) Account Name: Joint Account; Account No: 0022404540; amount N3,276,354,490.46; (2) Account Name: UBE Matching Grant Account; Account No: 0031151473; amount N2, 101,864,766.68; (3) Account Name: UBE Matching Grant Account; Account No: 0023484282; amount N1,614,405,750.64; (4) Account Name: 2012 MDG Account; Account No: 0029605487; amount N191,463,796.49.
“The rest are: (5) Account Name: Ministry of Education Account; Account No: 0036410070; amount N536,385,407.85; and (6) Account Name: Anambra State Subsidy Account; Account No: 0026290200; amount N5,126,258,908.72.
“Total Cash Balance in Diamond Bank PLC as of 17th March 2014: N12,846,733,120.8 (Twelve Billion, Eight Hundred & Forty Six Million, Seven Hundred & Thirty-Three Thousand, One Hundred & Twenty Naira, Eight Kobo)
C. Enterprise Bank (now Heritage Bank):
“(1) Account Name: Anambra State Local Govt. Education Set Aside Account; Account No 1400034787, amount is N189,990,550; (2) Account name is Ministry of Youth and Sports Account; Account No is 1400036145, amount is N567,904,301.24; (3) Account Name: Permanent Secretary Govt. House, Awka, Account; Account No is 1400036138, Amount is N1,928,596,191.25.
“Total Cash Balance in Enterprise (now Heritage Bank) as of 17th March 2014:N2, 686,491,042.49 (Two Billion, Six Hundred and Eighty-Six Million, Four Hundred and Ninety-one thousand, Forty-two hundred and forty-nine kobo)
“D. Cash left in the State’s Accountant General’s Payment Accounts as at 17th of March 2014 comprising: FAAC (federal allocations), VAT (federal Value Added Tax) and IGR (internally generated revenues) funds are the following: (1) FAAC Statutory Account in Fidelity Bank PLC (Account No. 5030026223); (2) VAT (FAAC) in Fidelity Bank PLC (Account No. 5030026230) and (3) IGR Main Account in Awka Branch of UBA PLC (Account No. 1006437348); totaling N5, 372,730,886.06 (Five Billion, Three Hundred & Seventy Two Million, Seven Hundred & Thirty Thousand, Eight Hundred & Eighty Six Naira, Six Kobo).
“E. First Bank:
“1. Name of Account: Anambra State Govt. Consolidated Account; Account No: 2018779464; amount is N2,139,951,400.00 (from where the garnishee order of the Federal High Court authorising the seizure and transfer of N1.8 Billion to liquidate the unpaid arrears of the State Water Corporation in 2014 was effected).
“Total Cash Balance in First Bank PLC as of 17th March 2014: N2,139,951,400.00 (Two Billion, One Hundred & Thirty Nine Million, Nine Hundred & Fifty-One Thousand, Four Hundred Naira)
“F. As at March 17th 2014:
“(i) Cash Balance in Fidelity Bank PLC: N18, 435,518, 504.3
“(ii) Cash Balance in Diamond Bank PLC: N12, 846,733,120.8
“(iii) Cash Balance in Enterprise Bank PLC (now Heritage Bank): N2, 686,491,042.49
“(iv) Cash Balance in United Bank for Africa (UBA) PLC: N5, 372,730,886.06
“(v) Cash Balance in First Bank PLC: N 2,139,951,400.00
“Grand Total Cash Balances: N41, 481,424,954.15 (Forty-One Billion, Four Hundred and Eighty-One Million, Four Hundred and Twenty-four Thousand, Nine Hundred and Fifty-Four Thousand, Fifteen Kobo).
“Foreign Currency Bond Investments:
- Fidelity Bank PLC (via a letter from the Bank to the then Accountant General of Anambra State, dated 5th March 2014 in response to the AG’s earlier letter referenced: AG/AN/S.500/VOL.111/54). Total dollar bond purchased: $55,202,776.83.
- Diamond Bank PLC (via a letter from the Bank to the then AG, dated 10th February 2014 in response to the AG’s earlier letter dated 31st October 2013 and referenced: AG/AN/ S.500/VOL.111/17). Total dollar bond purchased: $50,000,000.00.
- Access Bank PLC (via letter from the Bank to the then Accountant General of Anambra State, dated 31st January 2014 confirming purchase of dollar bond by the Government of Anambra State in November 2013). Total dollar bond purchased: $49,966,504.08.
“Total Dollar Bonds Purchased from the three Banks: $155,486,125 (One Hundred & Fifty-Five Million, Four Hundred & Eighty-Six Thousand, One Hundred & Twenty-Five Dollars) or N26, 500,000,000 (Twenty-Six Billion, Five Hundred Million Naira).
Current or November 2015 Value of the dollar bonds: $176, 804, 343.64 (One Hundred & Seventy-Six Million, Eight Hundred & Four Thousand, Three Hundred & Forty-Three Dollar, Sixty-Four Cents).
“Accrued Interests (2014-2015): $21, 318, 217.74 (Twenty-One Million, Three Hundred & Eighteen Thousand, Two Hundred & Seventeen Dollar, Seventy-Four Cents) or N8, 86 Billion.
(1) Nigerian Independent Power Project (NIPP): N9 Billion or $58 Million (current value worked by experts: N11.6 Billion); (2) Orient Petroleum:N4 Billion; (3) Onitsha Hotel: N1 Billion (said to have been sold after the exit of the Obi administration); (4) Agulu Lake Hotel: N1 Billion; (5) Awka Shopping Mall: N900 Million; (6) Nnewi Shopping Mall: N600 Million; (7) Onitsha Shopping Mall: N1 Billion; (8) Intafact Beverages Limited (makers of Hero Beer): N3.5 Billion with additional investment of $10M (current value by experts:N14 Billion); (9) Onitsha Business Park 1: N300 Million; (10) Onitsha Business Park 11:N300 Million; (11) Anambra State Independent Generating Plant (ASIPGCL): N400 Million or $2.5 Million.
“Others are: (12) E-Force Limited: N126 Million; (13) Emenite Limited: N750 Million with additional N223 Million investment; (14) Quoted Investment Portfolio: N350 Million; (15) NSIA-Anambra State contribution (State & LGA): N1.5 Billion; (16) Investment with Bank of Industry to support SMEs in Anambra: N500 Million; (17) Investment with Bank of Industry to support Micro Credit Bank in Anambra: N500 Million (to be recovered in full); (18) Investment with Bank of Agriculture to support credit to Anambra farmers: N480M (to be recovered in full); (19) Commercial Agriculture Scheme N1 Billion.
“Total Cash Value of Local Investments as at 17th March 2014:N27.2 Billion
Total Cash Value of Local Investment as of November 2015: N40.9 Billion (surplus of N13.7 Billion)
“Total Cash Value of Foreign Currency Bond Investments as at 17th March 2014:$155,48 Million or N26.5 Billion
“Total Value of Foreign Currency (Dollar) Bond Investments (in Diamond, Fidelity & Access Banks) as of November 2015: N35.36 Billion or $176.8 Million (surplus of N8.8 Billion).
“Total Cash left in the MDAs accounts in the above named commercial banks as at 17th March 2014: N41, 481,424,954.15 or N41.48 Billion
“A: Grand Total Value of Local Investments, Foreign Currency Bond Investments & Cash left in the above named commercial banks as of 17th March 2014:N95.18 Billion
“B: Total Value of the above named Local Investments, MDAs Cash left in the above named Commercial Banks and the Foreign Currency (Dollar) Bond Investments in Diamond, Fidelity & Access Banks as of November 2015:N117,748, 293, 682.80 (One Hundred & Seventeen Billion, Seven Hundred & Forty-Eight Million, Two Hundred & Ninety-Three Thousand, Six Hundred & Eighty-Two Naira, Eighty Kobo).
“That is to say that the Peter Obi administration left a total cash and investment of N95.18 Billion for Anambra State as at 17th of March 2014, with their current value hitting N117.74 Billion as of November 2015 or with a surplus of N22.56 Billion.
“Note: All the investments are recoverable and exclude over N20B refundable cash spent by the Obi administration in reconstructing some federal roads in the State, out of which over N14B had been approved for refund by the Federal Government as at 2014.”
Source News Express
Posted 30/11/2015 1:04:53 PM
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