NIGERIA – Financial engineer and investment banking executive Nnaemeka Onyeka Obiaraeri has disputed claims concerning the scale of external borrowing attributed to former Anambra State Governor Peter Obi, arguing that Obi did not apply for or draw down a US$30 million external loan during his tenure.
Obiaraeri made the assertion in a post on X amid the ongoing dispute over Anambra State’s external debt during Obi’s administration, which ended on March 17, 2014.
According to Obiaraeri, records from the Debt Management Office (DMO) showed that Anambra State’s external debt profile was approximately US$18.87 million as of March 31, 2006, while the DMO record for December 31, 2013 put the figure at about US$30 million.
He argued that the outstanding debt figure should not be equated with the amount actually drawn down by the Obi administration.
Obiaraeri further claimed that, from about US$123 million in available multilateral funds, the amount actually drawn down during Obi’s tenure was less than US$10 million.
“PETER OBI DID NOT APPLY FOR OR DREW DOWN ANY USD$30MILLION EXTERNAL LOAN THROUGHOUT HIS 8 YEARS TENOR AS GOVERNOR OF ANAMBRA STATE,” Obiaraeri wrote.
The claim comes as the Anambra State Government says eight external financing facilities associated with projects during Obi’s administration had a combined original value of about US$123.77 million, with approximately US$92.35 million outstanding as of June 30, 2026.
However, Anambra’s Commissioner for Information, Law Mefor, has reportedly acknowledged that the state government does not know the precise amount actually drawn down by the Obi administration from the US$123.77 million facilities and said the figures would be verified and reconciled.
The distinction between amounts contracted, amounts disbursed and outstanding debt is therefore central to the current dispute.
Obiaraeri also called for the strengthening of Obi’s media team with professionals experienced in development economics and investment banking, arguing that financial and economic issues require specialist knowledge.
He concluded his post with an appeal for greater research and financial scrutiny:
“Do your Research always… STUDY TO ALWAYS SHOW YOURSELF APPROVED.”
The statement adds to the ongoing public debate over the financial records and external financing arrangements of the Peter Obi administration in Anambra State.
