Governor Obiano set to borrow a fresh 50 Billion Bond January 2016

Obiano vs. Obi: The limit of bad faith (Nation’s Backpage/ Hardball)
Obiano has already borrowed 10 Billion, plans to borrow 50 billion early next year, read the full story from the Nation


Caveat: Hardball had determined not to return to this matter again after last Monday’s intervention. But fresh information has generated fresh insights that must be revealed in the public court. Besides, this matter is a classic case of utmost bad faith and subterfuge in a matter between successor and predecessor. The lesson Hardball presses here for all to learn is: NEVER GUN AFTER YOUR SUCCESSOR WHO HAS DONE YOU NO WRONG.
To digress a little, “never kill a man who has said nothing” is the wisdom in Chinua Achebe’s Things Fall Apart and the parallel here is: never stab a man in the back who has been good to you. Back to the story, the incumbent Governor of Anambra State, Willie Obiano, made waves a few days ago when he said that N75 billion claimed to have been left in the kitty by his predecessor, Mr. Peter Obi, is almost non-existent.
Speaking through his aides, Obiano declared that it was a phantom N75billion. They noted that after Obi’s handover note has been thoroughly scrutinised, “what Obi actually left behind is N9 billion.” But why is Obiano just finding out this ‘fact’ and speaking up nearly two years after, many have asked?
Well, it is said that facts endure if they are truly facts. But in this case, it is obvious that the reasons for speaking up now are tenuous, if not dubious. The incumbent actually drew down a N10 billion loan last week. The story goes that Gov. Obiano had been itching to join the loan bazaar for long, but was restrained by Obi’s N75 billion legacy. He was reportedly advised to shoot down his successor’s N75 billion ‘tale’ because Anambra people will not hear of any loan so soon after Obi.
The real story thus is that Obiano had to pull down his predecessor so that he can take N10 billion loan. Another N50 billion bond is already in the works for early next year and goodness knows how much more is planned.
It must be noted that just because Obi did not take a dime of loan in eight years does not make loans evil; it’s Obiano’s prerogative to run his government as he wishes, but he needs not damage his predecessor to reach his goal.
Finally, Obiano’s aides have said that “Peter Obi’s handover note is full of dead bodies” but apart from the N9 billion, they also acknowledge that Obi invested $156 million (N26.6) in Eurobonds and other foreign denominated securities held through Access, Fidelity and Diamond banks. This is a verifiable fact with bank names, coupon rates, yields and maturity dates.
$156m kept in save foreign instruments cannot be classified as “dead body” by any chance. This saving which is akin to the Nigeria’s Sovereign Wealth Fund is known as Anambra State Future Generation Fund (FGF). By today’s rates, it is worth about N36 billion!
Again, what Obi did requires an especial wisdom and grace; it is indeed very rare in this part. All of these could have been a pile of debts and salary arrears as we see all over country. Obi deserves commendation not vilification.
30th November, 2015