Former Abia Commissioner Counters Gov Otti: Ikpeazu’s N3.49bn Credit Balance

Chief John Okiyi-Kalu, a former Information Commissioner in Abia State, revealed that Governor Okezie Ikpeazu left a net credit balance of N3.48 billion for the current administration under Governor Alex Otti.

Okiyi-Kalu shared that this information was derived from the Abia Forensic Audit report conducted by Klynveld Peat Marwick Goerdeler (KPMG), a multinational professional services network specializing in audit, advisory, tax, and legal services.

In response to allegations made by Otti against Ikpeazu, Okiyi-Kalu clarified the financial standings left by the former governor.

Governor Otti had previously stated that he inherited a debt of N192.2 billion from his predecessor. He mentioned that some of this debt had been paid off at high interest rates, emphasizing the financial challenges faced by the state.

Contradicting Otti’s claims, Okiyi-Kalu emphasized that Ikpeazu had left substantial assets for the incoming administration, including a 3.5% stake in the Aba Independent Power Project (IPP Geometric) valued at N80 billion.

The former commissioner highlighted that the N3.48 billion credit balance could cover two months’ worth of salaries for Abia State employees.

Addressing Otti’s governance expenditures, Okiyi-Kalu questioned the substantial allocation of N9 billion to “research and development,” urging scrutiny of the administration’s financial reports for transparency.

Okiyi-Kalu cautioned against trusting Otti’s statements, accusing the governor of frequently distorting facts and making misleading claims.

He pointed out inconsistencies in Otti’s statements, particularly regarding the alleged missing N10 billion meant for road contractors.

The post Former Abia Commissioner Counters Gov Otti: Ikpeazu’s N3.49bn Credit Balance appeared first on NewsNow Nigeria.

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