Ikpeazu and Otti 


Former Abia State  Governor Okezie Ikpeazu has called on his successor, Governor Alex Otti to settle down to work as left cash assets to the tune of  N24 billion and $250m to facilitate a smooth take-off for the new administration.


 Former  Media Aide  to  Ex-Gov Ikpeazu Ikechukwu Iroha writing on his social media page stated that  "As at Friday, 9th June 2023, the State received Twenty Four Billion Naira (N24,000,000,000.00) through the Nigeria Governors' Forum as part of a total of N48b standing to the credit of the State. The money was earned under the watch of Dr Ikpeazu"



He further added: "Ikpeazu’s administration perfected a Fifty Million Dollars ($50,000,000.00) World Bank facility at 0.06% interest rate with 10 years repayment moratorium for construction of more than 500km roads including Port Harcourt Road, Aba. The implication is that the current administration can commence drawing down on that facility from day one to construct critical roads in Abia State and will not have to repay the money over the pendency of its tenure, assuming it is up to 8 years". 


Iroha who stated that Ikpeazu provided the information to his close aides during his last days in office further stated that "African Development Bank ADB facility of Two Hundred Million Dollars ($200,000,000.00) processed by the Ikpeazu administration is also ready for the new administration to access for construction of rural roads"


Iroha urged the  2-week Otti administration, to stop creating the wrong impression  that Ikpeazu left only debts without leaving any cash or near-cash assets behind. 


He noted that "As at the time of Dr Okezie Ikpeazu's exit from office, the state was not owing any commercial bank including temporary overdrafts. He paid off all. 


" Abia State under the watch of Dr Ikpeazu invested $5,000,000.00 in Geometric Power Company. That’s a near cash asset. 


"Similarly, internally generated revenue for the month of May 2023 is also available to the new administration. 


"Prior to the exit of Dr Okezie Ikpeazu from office , Abia State Government and  office of Accountant-General of the Federation reconciled their accounts with N6,000,0000,000.00 standing to the credit of the state. What that also says is that the Ikpeazu administration  was not owing Federal Government but rather it was FGN that owed the State. The current administration  has access to that additional fund of  N6b. 


"While we are still expecting the new administration to give the detailed composition of the alleged debts left behind by the Ikpeazu administration, it is safe to say that they are mostly long term development facilities, contractor debts and possibly outstanding payments to pensioners and salary earners. 


"In summary, it is my candid view that the new administration in the state can smoothly take off and service state liabilities with what it has without screaming or yelling!", he concluded