Former Commissioner for Information in Abia State, Chief John Okiyi-Kalu, has stated that the immediate past governor, Okezie Ikpeazu, left a net credit balance of N3.48 billion for the current administration led by Governor Alex Otti.
In a statement issued on Tuesday, Okiyi-Kalu revealed that this information was included in the Abia Forensic Audit report conducted by Klynveld Peat Marwick Goerdeler (KPMG), a multinational professional services network providing audit, advisory, tax, and legal services.
Okiyi-Kalu’s clarification came in response to allegations made by Governor Otti against Ikpeazu. On April 6, 2024, Governor Otti claimed he inherited a N192.2 billion debt from his predecessor, Okezie Ikpeazu. During a discussion with journalists, Governor Otti mentioned that some of the debts had been paid off with high interest rates, stating, “It is tough, but we have to do it. We manage our expenses well and are able to live.”
In response, Okiyi-Kalu asserted that contrary to Governor Otti’s claims, Ikpeazu left a substantial amount for the new administration. He emphasized that “cash in the bank is different from other near-cash assets, such as a 3.5 percent share in Aba Independent Power Project (IPP) Geometric, which is now valued at N80 billion, among others.”
Okiyi-Kalu highlighted that the net credit balance of N3.48 billion was sufficient to pay two months of salaries for Abia State workers. Part of his statement reads: “So far, Otti’s government has spent N9 billion on a subhead called ‘research and development.’ What is he researching and developing in Abia State? Check the quarterly financial reports published by his administration, if in doubt.
“Based on antecedents, never trust anything said by Governor Otti. He lies and misrepresents facts too frequently to be taken seriously. Did you notice that after I responded to his allegation of missing N10 billion with details of road contractors paid from the money, he said, ‘The money was moved into 32 different accounts’ instead of acknowledging that the money was paid into 32 road contractors’ accounts?”
