Former Governor of Anambra State, Mr. Peter Obi, has counselled against indiscriminate borrowing and issuance of bonds by states. He was speaking at a dinner organised by Planet Capitals for the Presidents of the Nigeria Bar Association (NBA), Barr. Augustine Alegeh (SAN); President, Chartered Institute of Stockbrokers, Mr. Albert Okumagba; and President Institute of Chartered Accountants of Nigeria, Mr. Chidi Ajaegbu at Oriental Hotel, Lagos .

Mr. Obi said that in his eight years as the governor of Anambra State, he did not borrow a dime, but rather paid arrears of debt owned by others, including the over N35 billion his government spent on liquidating arrears of pension and gratuity owed to civil servants in the state since 1999. He explained that he was able to do it by reducing the cost of governance, which he said is too expensive in Nigeria.

Obi said he was not against borrowing but advised any government desirous to borrow or raise bonds to first convince itself that the money is to be used to finance projects that would pay back the money and not to finance the reckless lifestyles of some people in government.

He thanked Planet Capital for their services to the financial sector and encouraged them to continue to adhere to global best practices.

The highlight of the event was the presentation of awards to the three presidents for their steadfastness and contributions in deepening the progress of the country.

In their separate speeches, the honourees thanked Planet Capital for organising the event and pledged continued collaboration for the ultimate good of the country.

In his remarks, the Chief Executive Officer of Planet Capital, Mr. Chidi Agbapu, said the recognition was a way of thanking the three presidents for their efforts and a reminder of the need to work together for the progress of the country. Mr. Agbapu said the choice of Mr. Peter Obi as the Special Guest of Honour was due to his spectacular performance as Governor of Anambra State from 2006 to 2014 and his exemplary conduct in the corporate world.

•Photo shows Peter Obi.

Update news