Below are exclusive details of the said monies left behind by the former governor of Anambra State, Chief Peter Obi. The information was received by 247ureports.com from an aide to Governor Obiano in the person of Mazi Obi ‘Mbuze Agulu’.

–

–

ANAMBRA STATE GOVERNMENT

Summary:

Based on the figures detailed above which are taken from the Handover Notes from the previous Administration to the current Administration, it is evident that the actual and voluntary cash investments made by the previous administration amounts to approximately N35.5bn consisting of mobilization paid on contracts for shopping malls and hotels, cost of two Business Parks in Onitsha, investments in Eurobonds, amongst a few others. Items such as counterpart funds held jointly with domestic development finance institutions, land contributions, FGN refunds, differences in bank balances and investments made directly by the Federal Government on behalf of the three (3) tiers of government totaling approximately N39.5bn have been reclassified as “Illiquid Investments”, “Not Investments”, “FGN Receivables” and “Involuntary Investments”.

However, to provide a true and fair picture of the State’s net position on March 17, 2014, the 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 of N46.8bn to contractors on inherited projects; this figure represents over 50% of total FAAC revenues received between March, 2014 and August, 2015. See Appendix 1. It is also pertinent to note that the foreign currency investments totaling US$155m have not been liquidated to fund any payments of certificates arising from inherited projects. Indeed these investments are presently showing an unrealized (book or notional) loss of -20.8% in US$ or 7.1% in Naira.

During this same time period, the current administration has taken concrete steps to improve monthly internally generated revenues (IGRs). These steps include among others, introduction of automation in MDAs systems and processes and implementing a single IGR collection window across all MDAs; these have immediately yielded very impressive results as monthly IGRs have grown at a rate of 260% from N500m to about N1.3bn, largely by closing leakages. Our target is to hit the N3.0bn mark and the administration shall not relent until this is adequately achieved. Although monthly FAAC revenues have decreased by over 50% and this has recently led to 30 peer states accessing CBN bailouts for salaries arrears and bank loans, Anambra State’s finances remain very healthy and robust. Governor Obiano continues to pay salaries (inclusive of a 15% increase earlier this year) and remit pensions on the 25^th of every month. In addition, the State also continues to meet fully verified, inspected and certified contractor obligations as and when they fall due.

Conclusion – A New Dawn:

In March 2014, Governor Willie Obiano presented the Anambra State Strategic Economic Blueprint, a robust, multisectorial master plan designed to transform the State. The key objectives of this blueprint are economic growth, job creation and urbanization of Anambra State. Governor Obiano asserted that these objectives can be achieved through an aggressive investment drive given Anambra State’s investment potentials as well as the State’s ability to attract investors by providing a much-improved business climate.

To actualize this dream, On April 14^th, 2015, Governor Obiano established the Anambra State Investment Promotion and Protection Agency to initiate and support measures which enhance the investment climate in Anambra State for foreign, domestic and indigenous businesses. The Agency also protects, promotes, monitors and coordinates investment, providing the requisite services for investors to drive investments from coordination to consummation. ANSIPPA’s Governing Council is a team of thoroughbred professionals with international exposure and boasts of over 300 years of relevant industry experience spanning developmental economics, diplomacy & international relations, banking, investment promotion and law.

Over the last 12 months, ANSIPPA has taken steps to position itself as the country’s premier investment promotion agency’ providing existing and prospective investors with attractive investment opportunities, business facilitation services and world-class services to ensure and guarantee 100% investor’s satisfaction. This has culminated in the State attracting over US$2.0bn (N400bn) in investments from credible indigenous, domestic and foreign investors across the 4 pillars (Agriculture, Industrialization, Trade & Commerce and Oil & Gas) and 13 enablers of Anambra’s economy.

Signed:

Prof. Solo Chukwulobelu 

Secretary to the State Government

Anambra State Government

–

ANAMBRA STATE GOVERNMENT

APPENDIX 1: