***Otti Reopens Debate on Anambra Savings, Says Obi’s Funds Were Preserved Through Structured Investments
Abia State Governor, Alex Otti, has reiterated his position on the long-running controversy surrounding the funds left behind by former Anambra State Governor, Peter Obi, insisting that the money in question was neither missing nor mismanaged, but carefully preserved through formal banking and investment instruments.
Alex Otti made those comments at the Labour Party stakeholders Summit held in Enugu where he was recounting his past role as a banker and clarifying the Anambra State funds issue.
Otti, who served as Managing Director and Chief Executive Officer of Diamond Bank at the time of the transactions, said he had direct involvement in advising on how the funds were handled between 2013 and 2014. According to him, Obi initially explored the possibility of keeping the state’s funds in cash but was advised against it due to security and financial risk considerations.
Instead, Otti explained that the funds were structured into dollar-denominated financial instruments, including Eurobond-related investments and tier-2 capital placements in some banks. He stated that the total value involved was approximately $155 million after conversion from naira at the prevailing exchange rate at the time.
The governor noted that the strategy adopted was aimed at preserving value, earning returns, and shielding public funds from inflationary pressures and currency volatility. He added that some of the instruments used for the investments had long maturities, with portions only reaching maturity around 2020, years after Obi had left office.
Otti referenced a previously published personal account he wrote in 2020, in which he documented the transaction process. He said the intention of that publication was to clarify misconceptions that had circulated over time regarding the fate of Anambra State funds during Obi’s administration.
Over the years, claims and counterclaims have persisted in Nigeria’s political space regarding how much was left in state coffers at the end of Obi’s tenure as governor. Supporters of Obi often cite fiscal discipline and savings culture as defining features of his administration, arguing that his approach strengthened Anambra’s financial position. Critics, however, have repeatedly questioned the figures and interpretations presented in public discourse.
Otti’s latest comments have therefore reignited public interest in the matter, particularly because of his professional background in banking and his direct involvement in the financial sector decisions at the time. His account has been widely referenced in debates about transparency, public financial management, and the use of investment instruments by state governments in Nigeria.
He maintained that the handling of the funds was done in line with standard banking practices and investment principles, rather than leaving large sums idle in cash accounts. According to him, the objective was to ensure that government savings retained value and continued to generate returns over time.
As discussions continue across political and media circles, the issue remains a recurring reference point in broader conversations about governance, accountability, and fiscal management in Nigerian states.
