November 30, 2020


AfricaTopForum – News Around Africa

Obiano, Ubah renew battle over alleged N25b bond

2 min read

From Nwanosike Onu, Awka


Anambra State Governor Willie Obiano and Senator Ifeanyi Ubah (Anambra South) have renewed their war of words over an alleged N25 billion bond.

Ubah challenged the governor to tell the people why he took the bond, but Obiano described the allegation as bizarre.

The senator, in a voice note, said the government raised a N25 billion bond from the Debt Management Office (DMO), Federal Ministry of Finance, Budget and Economic Planning for failed federal roads which the state has rehabilitated or reconstructed.

According to him, the bond was approved without the National Assembly’s knowledge.

But Commissioner for Information and Public Enlightenment C-Don Adinuba said a bond cannot be issued secretly as the House of Assembly, DMO, Federal Ministry of Finance, Budget and Economic Planning, the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) must be involved.

He said: “Every bit of the transaction must be transparent and made public. The state has not raised any money from the DMO or the Federal Ministry of Finance, under a bond or any financial instrument, from any institution or organisation.

“Our record of prudent financial management and integrity is well acknowledged far and near. It is tough to speculate how Ubah came about the N25 billion bond which the state purportedly raised surreptitiously from the DMO/Federal Ministry of Finance. The only thing that any individual can possibly think about is the promissory notes which the government received in two tranches from the DMO/Federal Ministry of Finance for the rehabilitation and reconstruction of failed federal roads.

“Anambra is today regarded as a model in governance. Despite limited resources, it is ahead of every other state in a lot of areas, including the employment rate which economists regard as the most important indicator of economic performance.”