By Innocent Anaba

A former governorship candidate in Abia State, Mr. Alex Otti,  has urged Governor Okezie Ikpeazu of the state to account for N177.765 billion that allegedly accrued to the state from May 2015 to July 2017.

Ikpeazu and Otti

The former Managing Director of Diamond Bank, who reminded the governor that banks do not work like governments, also accused the governor of misleading the National Assembly on the $200 million loan approved for the state.

Reacting to a statement by the governor, where he advised Otti to encourage the auditors of Diamond Bank Plc to publish detailed audit reports of the bank covering the period that he served as the Managing Director and the year after, Otti told the governor that banks are regulated by the Central Bank of Nigeria, CBN; National Deposit Insurance Corporation, NDIC; Securities and Exchange Commission, SEC and boards of directors.

According to him, the publication of audit reports and financial statements is mandatory, at least annually, adding that banks have external auditors and board audit committees, stressing also that the books must also be examined by CBN and NDIC examiners

Otti said: “So, it is not for me to encourage publication, it is compulsory and must be done periodically. I am aware that some of the people that passed through my training in different banks are part of your team.”

Otti urged the governor to account for N177.765 billion that accrued to the state from May 2015 to July 2017.

According to him, the figure includes: N74.42 billion from the Federation Account; N46.94 billion that accrued to the local governments in the state; bail-out funds amounting to N14.105 billion; first tranche of Paris Club Refund amounting to N10.6 billion; N5.7 billion second tranche of Paris Club Refund and N1 billion generated monthly as internal revenue.

On the $200 million loan approved for the state by the National Assembly, Otti alleged that the documents he had sighted showed that the National Assembly might have been misled into approving a loan that is different from the one recommended by the president.

“In my last press conference, I had indicated that on May 25, 2017 a Presidential request for $100 million regarding Abia State Rural Access and Mobility Project,  RAMP, was sent to the National Assembly, however, on July 18, 2017 the Minister of Finance sent a request for $200 million to the National Assembly in respect of Abia State Integrated Infrastructure Development Project, ASIIDP, which curiously, is exactly the same request that Abia State Government submitted dated October 2015.

“It will be helpful if you could explain the following: How did Abia State Rural Access and Mobility Project, RAMP, become Abia State Integrated Infrastructure Development Project, ASIIDP? How did $100 million transform to $200 million? When was this request presented to the Abia State House of Assembly which should ordinarily have approved it before it made its way to the National Assembly or was there a waiver?” Otti explained.

Otti urged the governor to explain why salaries are not being paid despite all the funds received.