The Senator representing Anambra South Senatorial Zone Patrick Ifeanyi Ubah at weekend provided more evidence to show that the Anambra State Government lied when it denied that it cashed out a promissory note of over the N25 billion Promissory Notes from the Debt Management Office, (DMO) before their maturity dates.
Ubah declared that the state government lied by saying that it did not receive such from the Federal Government being the refunds for repairs on Federal roads rehabilitated by the Ngige and Peter Obi administrations.
Specifically Senator Ubah had asked Governor Willie Obiano to explain to the people of Anmabra state what he did with the N25, 244, 304, 091.90 Promissory Notes that was collected for the repair of Anambra roads rather than the State Commissioner for Information and Public Enlightenment, Don Adinuba denied that the state government never collected such money from the DMO.
Speaking with Journalists in Abuja weekend, Senator Ubah who gave the governor 72 hours to Governor do a comprehensive explanation of what he did with the money, and threatened that failure to do that, he will not hesitate to drag the governor and the government of Anambra State to Court over the matter.
The Senator who alleged that governor Obiano paid banks over N8.850billion as discounts in order to cash out the promissory notes before their maturity dates thereby ensuring that Anambra lost over N8.850billion from the transaction, said, “I will sue the state government if the governor fails to open up on the whereabout of the funds and give Ndi Anambra South their own portion of the funds for use in repairing our collapsed road infrastructure.
According to Ubah”It is imperative to note at this juncture that the N25 billion in question was for works done by Ex governors Chris Ngige and Peter Obi on behalf of the Federal government, during their tenures as Governors in terms of Infrastructure development.
“The first instalment was for N10 billion which was billed to mature on the 28th of December 2020( a few days from now). The Second instalment was for N15 billion and billed to mature on 1st of April 2022( when Obiano must have handed over power in 2022)” he added.
The Senate Committee Deputy Chairman on Petroleum (Upstream) maintained that ” in order for governor Obiano to cash out on the N25 billion that has not matured yet, he had to terminate the deal by giving 15% of the total sum per annum ie Obiano paid about N3billion in bank charge for N10 billion on the first promissory note which has a tenor of 2 years and paid another N5.850 billion on the N15billion on the second promissory note which has a tenor of 3 years.”
According to Senator Ubah, why will the State governor discount the instrument and make Anambra to lose N8.850 billion, adding, ” As we still try to recover from the shock of this revelation which borders on criminality and intentional plot to jeopardise the well being of Anambra State by withdrawing from the future, the following questions stand out: Why didn’t Obiano capture this in the budget he presented for the Year?
“Why did Obiano withdraw future State funds which he didn’t work for. What exactly did Obiano do with the monies. Why is Obiano through Adinuba, lying about this shameful activity. What was so important that Obiano had to give up a whooping 8.850 Billion Naira of money under such terrible economy. Why would Obiano, a banker, throw away 8.850 Billion Naira and where is the balance now deployed to?
It would be recalled that the Anambra State Government had last week through the State Commissioner for Information and Public Enlightenment, Mr C. Don Adinuba, denied receiving N25 billion bond from the Debt Management Office, DMO, just as he described as bizarre a statement credited to the Senator representing Anambra South, Senator Ifeanyi that the state government secretly raised the bond without the knowledge of the national assembly.
According to the Commissioner for Information and Public Enlightenment, he was not aware of anywhere in the world where a bond could be issued secretly.
According to him, before a bond could be issued for a state government in Nigeria, the state House of Assembly, the Debt Management Office, the Federal Ministry of Finance, Budget and Economic Planning, as well as the Central Bank of Nigeria and the Securities and Exchange Commission must be involved, adding that every bit of the transaction must not only be transparent but also be public knowledge.
Senator Ubah had on November 5, 2020, written to the Director- General, DMO, Patience Oniha, requesting for a copy, amount and tenor of Promissory Notes issued to Anambra State Government under the Promissory Note Programme of the Federal Government.
Responding in a letter addressed to Senator Ifeanyi Ubah, titled, Re: Promissory Note issued to Anambra State Government”, dated November 16, 2020 and signed by the Director- General, DMO, Patience Oniha, she explained the total amount of Promissory Note issued to Anambra State under the Promissory Note Programme of the Federal government and tenor of the Note.
According to her, the Promissory Notes were issued to Anambra State Government in December 2018 and April 2019 in respect of reimbursement to the State for projects executed on behalf of the Federal Government.
The letter read, ” the Distinguished Senator, may we wish to refer to his letter to the Debt Management Office, DMO dated November 5, 2020, requesting for a copy, amount and tenor of Promissory Notes issued to Anambra State Government under the Promissory Note Programme of the Federal Government.
“The Distinguished Senator may wish to find in Table 1, the details of the Promissory Notes issued to Anambra State Government in December 2018 and April 2019 in respect of reimbursement to the State for projects executed on behalf of the Federal Government.
” Details of Promissory Notes issued to Anambra State Government. 1. Reference, FGN/ PN/ 2018/SG/ 03; Amount, 10, 097,722,436.90; Issue Date, 28/12/2018; Maturity Date, 28/12/2020; Remarks, Collected.”
2., FGN/ PN/ 2018/SG/ 03; Amount, 15,146,583,655.00; Issue Date, 01/04/2020; Maturity Date, 01/04/2022; Remarks, Collected.”
Total 25, 244, 306,091.90.
” The Distinguished Senator may wish to be informed that these were the only Promissory Notes issued to Anambra State Government which fully settled the outstanding Claims of the State approved both by the Federal Executive Council and the National Assembly.”