Obi’s dollar investment as Anambra Governor now worth N95bn — Otti

The former Managing Director of Diamond Bank, Dr. Alex Otti, has cleared the air of doubts in the minds of cynics who believe that the N75 billion savings the former Governor of Anambra State, Mr. Peter Obi, left for the State was a hoax.

Otti, in a statement, praised Obi for his financial prudence which enabled him to save up N75 billion in both local and foreign currencies for Anambra State as a governor before leaving office. According to him, the dollar component of the savings is now worth over N95 billion.

Otti explained that it was through a high level of managerial ability that Obi was able to achieve a great financial feat ‘in a state that was reputed to have been owing civil servants and pensioners’, by clearing off all debts inherited from his predecessor and still left behind a fortune for his successor.

Confirming the N75 billion savings, Otti, who was the Chairman of Diamond Bank, one of the banks where the money was domiciled, stated again, as he had done many times before, that Obi left a whopping N75 billion for the future generation of the state.

Speaking on the Dollar component of the savings, he said: “Like yours truly had done in the past, one can attest to the fact that some $155million was invested in the tier two capital of three Nigerian banks with maturities of about 5 years at interest rates of up to 9% per annum to the credit of the State. As at the time the investments were made, the Naira equivalent of the funds was about N25b. If those funds were rolled over at maturity in 2019, they would be worth about N62b today. If interest is assumed to remain at 9% for the past 6 years, an additional N33.5b would have accrued to bring the present value of the investments to over N95b. This is one of the advantages of prudence and financial literacy”, Otti wrote.

Otti, who said Obi successfully cut off profligacies in governance, described Obi as ‘one of the few leaders of the country that has his head properly screwed on his neck,’ noting that ‘in truth he is a true example of excellent leadership and accountability in today’s world where such attributes are in very short supply’.

Otti opined that it was the financial imprudence and lack of savings culture experienced at different levels of government that has almost crippled the nation after few months of lockdown. He therefore urged political leaders and public office holders to borrow a leaf from Obi’s prudence, financial responsibility and savings culture in their public and private lives.

It would be recalled that Obi won the award of “Thisday Governor of the Decade.”

techmo:




Isnt it absolute stupidity for a state with so much unemployment, zero power supply, and absolutely no infrastructure, to ware house 75 billion in a cormercial bank like diamond bank.. while bankers wont even borrow the money out to Anambra indegene but to the likes of Dangote and Rabiu of Biu groups


.

techmo:




Isnt it absolute stupidity for a state with so much unemployment, zero power supply, and absolutely no infrastructure, to ware house 75 billion in a cormercial bank like diamond bank.. while bankers wont even borrow the money out to Anambra indegene but to the likes of Dangote and Rabiu of Biu groups

75billion would construct a gas pipeline from Imo gas flaring fields, build a 1000 Megawatt Thermal/gas turbine power station and give Anambra 24/7 electricity with enough to sell to other state while their industries drastically develop

.

SLAP44:


Crying is allowed. Wailing is even recommended for haters to ease their pains.

techmo:



no wonder your region is poverty capital of southern nigeria.. like the foolish servant in the bible you have decided to bury your own resources in the ground while others work with theirs

tufiakwa for you

Juliusmalema:




Nobody is responsible for the frustrations in Omoluabi states.

What is your employment status?

I guess flyer designer?

Juliusmalema:




Nobody is responsible for the frustrations in Omoluabi states.

What is your employment status?

I guess flyer designer?

techmo:




Isnt it absolute stupidity for a state with so much unemployment, zero power supply, and absolutely no infrastructure, to ware house 75 billion in a cormercial bank like diamond bank.. while bankers wont even borrow the money out to Anambra indegene but to the likes of Dangote and Rabiu of Biu groups

75billion would construct a gas pipeline from Imo gas flaring fields, build a 1000 Megawatt Thermal/gas turbine power station and give Anambra 24/7 electricity with enough to sell to other state while their industries drastically develop

.

techmo:


stop yaping dust.. have seen the so called flyers designers on freelancing sites that can conviniently send you back to school and bring you up again the proper way with money they make

omoluabi are doing just fine and thats why una dey rush our state to come "Hustle"

thank God Nigerians rejected China Obi the looser

SLAP44:


You are not an Igbo man. Stop setting up ethnic bashing in every thread.

techmo:



no wonder your region is poverty capital of southern nigeria.. like the foolish servant in the bible you have decided to bury your own resources in the ground while others work with theirs

tufiakwa for you

Anambralstson:

Zero infastructures you said please which of your states out Lagos can be compare to ANamara state on infastructures

techmo:




Isnt it absolute stupidity for a state with so much unemployment, zero power supply, and absolutely no infrastructure, to ware house 75 billion in a cormercial bank like diamond bank.. while bankers wont even borrow the money out to Anambra indegene but to the likes of Dangote and Rabiu of Biu groups

75billion would construct a gas pipeline from Imo gas flaring fields, build a 1000 Megawatt Thermal/gas turbine power station and give Anambra 24/7 electricity with enough to sell to other state while their industries drastically develop

.

Anambralstson:

I just sense frustration and bitterness all over you, see how you are trying to strangle yourself over this report, many of your region governors can't do much today because of huge debts hanging on their states from previous administrations

AroOkigbo:


Where is the 1000 Megawatt Thermal/gas turbine power station in states that didn't "warehouse" theirs?

techmo:



Lagos has Olorushogo plant and Zhegeru, Osun has Omotosho plant... and the best part is we suck off your gas in Imo for free

techmo:



Oyo State with landmass close to tiny Ibo 5 state, boost of infrastructures like an Airport, inland port, good road network, standard guarge rail, First and the Best University and college hospital rated high, 2 State University, over a dozen radio station, over 5 TV station, 5 malls in ibadan alone, with palms mall having the largest shoprite center in west africa, international research institute like IITA, Forest Research Institute, first tower in africa, atlest 5 sport complex and stadia


.

techmo:



Oyo State with landmass close to tiny Ibo 5 state, boost of infrastructures like an Airport, inland port, good road network, standard guarge rail, First and the Best University and college hospital rated high, 2 State University, over a dozen radio station, over 5 TV station, 5 malls in ibadan alone, with palms mall having the largest shoprite center in west africa, international research institute like IITA, Forest Research Institute, first tower in africa, atlest 5 sport complex and stadia


.

techmo:



Lagos has Olorushogo plant and Zhegeru, Osun has Omotosho plant... and the best part is we suck off your gas in Imo for free

techmo:


British used up all your coal resources in Enugu after conquring you, we conquered you aftercivil war, its only fair we use up your gas reserve

techmo:




Isnt it absolute stupidity for a state with so much unemployment, zero power supply, and absolutely no infrastructure, to ware house 75 billion in a cormercial bank like diamond bank.. while bankers wont even borrow the money out to Anambra indegene but to the likes of Dangote and Rabiu of Biu groups

75billion would construct a gas pipeline from Imo gas flaring fields, build a 1000 Megawatt Thermal/gas turbine power station and give Anambra 24/7 electricity with enough to sell to other state while their industries drastically develop

.

Anambralstson:

You are just plain ignorant, just imagine the rubbish you wrote, how those landmass measure development Otondo you mean propose inland port that's still on pipeline dream, the cattle reserved area you called airport, no wonder they rated Oyo as state with highest number of mental illness

Juliusmalema:



Add brown roof and frustration join am.

techmo:


Travel them no go travel... almost all Local Airport as issues of animals grazing and sometimes invading the airport space

Where is your own Airport , Ibadan still has Airforce Airstrip that can conviniently land big cargo planes, wetin una anambra villagers get after 60 years of indepence with all allocation and chestbeating, as for the inland port go and visit yourself, and see wonders

XANDERBOY85:


The day Anambrans start taking advice from a chronic Igbo hater like you is the day i'll book them all a visit to see a shrink! Use your unsolicited advice to advance the interests of your own state or region.....either that or you can stick it where the sun don't shine!

Anambra, a state that has one of the lowest recurrent expenditure in the country and, as far as i know, is one of the best states in financial prudence and fulfilling its salary and pension obligations....this is a state you leave your own state to go and advice how to manage its funds!? If Anambrans see the need to have a sovereign wealth fund to save for future generations, how is that a bad thing? Did they tell you they're starving and so desperate for funds that if they don't spend the saved 95 billion naira that they will have socio-economic upheavals? Look how well they managed themselves during the lockdown compared to other states.