A renewed disagreement over Anambra State’s finances has brought former governor and 2027 presidential candidate Peter Obi into the spotlight after the state government released documents concerning loans linked to previous administrations.
The controversy centres on Obi’s long-standing position that he left office without debt, while officials under Governor Chukwuma Soludo have argued that the state is still servicing external loans obtained during earlier administrations.
Anambra government challenges Obi’s claim
The latest dispute began after Anambra State Commissioner for Finance Izuchukwu Okafor said the Soludo administration was still making repayments on external loans obtained by Obi and other former governors.
Obi, who governed Anambra between 2010 and 2014 under the All Progressives Grand Alliance (APGA), rejected the assertion in a widely circulated video.
He maintained that his administration did not leave the state with debt and said more than N75 billion had been deposited into the state’s coffers before he handed over power to Willie Obiano.
In response, the Anambra government presented loan records indicating that eight external loans were obtained between 2007 and 2013.
According to the documents released by the state, the loans had a combined value of $123.7 million, with an outstanding balance of approximately $92.35 million still recorded.
What Obiano’s administration said it inherited
The disagreement over the state’s finances is not new.
In November 2015, then-Secretary to the Anambra State Government Professor Solo Chukwulobelu discussed the financial position inherited by Obiano’s administration.
Chukwulobelu said the incoming government found N9 billion in cash in the state’s account, rather than the N75 billion Obi had publicly claimed.
He also stated that the Obiano administration inherited current and contingent liabilities amounting to N185 billion.
However, Chukwulobelu explained that the figure did not represent only conventional debt. It also included liabilities associated with the expected completion of road projects awarded during Obi’s tenure.
Obiano gives his account
Obiano later confirmed the N9 billion cash figure during an appearance on Channels Television ahead of the 2017 Anambra governorship election.
He explained that Obi had also left assets valued at N25.6 billion, including sovereign wealth investments and bank shares.
When combined with the cash in the account, Obiano said the liquid assets left by his predecessor were worth about N35.5 billion.
However, he added that Obi had issued cheques worth more than N15 billion before leaving office.
APGA chairman disputes N75bn savings claim
Victor Umeh, who was national chairman of APGA at the time, also challenged Obi’s account of the N75 billion savings in 2017.
Umeh said the figure did not appear in Obi’s formal handover document to Obiano.
He acknowledged that Obi had invested dollar-denominated funds in bonds but pointed out that some of the investments had lengthy maturity periods.
According to Umeh, certain investments were not due to mature until as late as 2030, meaning Obiano’s administration could not immediately access some of the funds.
The political circumstances surrounding Umeh’s comments were also significant. During the 2017 Anambra governorship election, Umeh supported Obiano’s re-election, while Obi backed the PDP candidate, Oseloka Obaze.
Obi’s political journey since Anambra
Obi left APGA after his tenure as governor and subsequently joined the Peoples Democratic Party (PDP).
He later resigned from the African Democratic Congress on May 2, 2026, before being ratified as the presidential candidate of the Nigeria Democratic Congress (NDC) on May 29, 2026.
Meanwhile, Soludo succeeded Obiano as Anambra governor in 2022 and is serving his second and final term, which is scheduled to end on March 17, 2030.
The latest exchange has therefore reopened an old debate over the financial position of Anambra at the point when Obi handed over power to Obiano, with the different accounts focusing on cash, investments, liabilities and outstanding external loans.
Watch the video below:
“Peter Obi left ₦35 Billion and issued cheques worth ₦15 Billion to be debited after he left
Peter Obi left ₦9 billion in cash and ₦25.6 billion in bonds and shares in other banks.”“He also issued cheques worth over ₦15 billion before he left, waiting for me to be sworn… pic.twitter.com/xkzLLN1aWW
— Mayor Of Calabar (@Uno_009) September 15, 2026
