Anambra government accuses Obi of leaving debts, concealing liabilities

Abdullateef Fowewe

The Anambra State Government has challenged former Governor Peter Obi’s claims that he left the state debt-free, accusing him of signing multiple World Bank-linked loans, concealing liabilities in his handover notes, and leaving unpaid salaries and pensions.

In the statement issued on Saturday and titled “Peter Obi’s Debts and Lies: More Questions Than Answers,” the government said it was responding to Obi’s appearance on Arise TV on 24 September 2026.

Obi had maintained that he never approached any financial institution to borrow money or issue bonds during his eight years in office (2006–2014) and that he left no outstanding salaries, pensions, or certified contractor debts.

The state government countered, “We have definitively and conclusively provided evidence that Peter Obi signed 8 loans from the IDA-World Bank over his eight-year tenure, totalling US$123,771,179.30… As of 30th June, 2026, the DMO report showed the outstanding balance of those same eight loans was $92.35 million, equivalent to N127.37 billion, which successive administrations, including the current one, have continued to service through monthly FAAC deductions.”

It further stated that Obi “owed over 700 staff of the Anambra State Water Corporation their salaries, pensions and gratuities,” noting that an arbitration panel and a National Industrial Court judgment confirmed the liability.

The current administration settled the matter out of court for about N1.56 billion, of which more than N1.19 billion has already been paid.

On savings versus development, the release criticised Obi’s emphasis on bank deposits, “Government exists to improve the security and welfare of the people, and not to save money and earn interest.”

It acknowledged Obi left around $150 million but argued that prioritising interest income over infrastructure, health, education and erosion control reflected a flawed approach to governance.

The government also questioned Obi’s claim of leaving N2.13 billion in an Ecological Fund at a specific First Bank account.

Citing a bank letter dated 16 September 2026, it said the quoted account was actually an IGR consolidated account that never held that sum.

“Since the money is not in the First Bank account as claimed, where is it? Or is the money actually missing?”

Regarding handover notes, the statement alleged that Obi listed inflated or incomplete assets while omitting substantial liabilities, including outstanding payments on 101 road contracts valued at hundreds of millions of dollars.

Recall that Peter Obi governed Anambra from 2006 to 2014 under the All Progressives Grand Alliance (APGA).

He was succeeded by Willie Obiano (2014–2022), who was in turn succeeded by current Governor Charles Chukwuma Soludo in 2022.

Obi later ran as the Labour Party presidential candidate in 2023 and is now associated with the Nigeria Democratic Congress ahead of 2027.

The dispute over external facilities (mostly concessional World Bank/IDA and related programmes for education, malaria control, erosion management and other projects) has intensified in recent weeks.

Anambra officials released Debt Management Office figures showing the outstanding balances.

Obi has argued that the facilities were federal government-arranged multilateral support, that drawdowns largely occurred after he left office, that he left substantial savings that could have covered any obligations, and that official DMO totals for the state’s external debt at the time of his exit were far lower than the figures now attributed to him.

The exchange reflects ongoing political tensions between Obi’s camp and the Soludo administration in Anambra.