Alex Otti blasts Ikpeazu over Abia $200m foreign loan

Alex Otti blasts Ikpeazu over Abia $200m foreign loan

Dr. Alex Otti, a chieftain of the All Progressives Grand Alliance in Abia State, has expressed concern over the $200m African Development Bank loan approved by the National Assembly for Abia State.

Otti, a former Group Managing Director of Diamond Bank Plc, expressed the fear that the foreign loan would plunge Abia State into a long-term financial and economic chaos.

This, according to him, was because the state governor, Okezie Ikpeazu, had no clear repayment plans for the foreign loan which, he noted, has a 20-year tenure with seven years moratorium.

Otti, who was the governorship candidate of APGA in Abia State in 2015, said this while addressing journalists in Lagos on Wednesday.

He urged the National Assembly to rescind its decision on the approved foreign loan, alleging that Ikpeazu had mismanaged the resources of the state and was running the state aground.

Otti said with the N14.150bn bailout, and two tranches of Paris Club refund in the sums of N5.3bn and N5.7bn that had come into the coffers of the state, there was no justification for civil servants in the state to be owed eight months’ salaries.

He said, “This primitive and callous administrative ineptitude has left many Abia workers, being owed up to eight months’ salary arrears, many their lives and those of their families miserable.

“Mind you, the above-mentioned funds and other funds secured by the Ikpeazu/Peoples Democratic Party-led government have nothing to do with tens of billions of naira got by the government as statutory monthly allocations and internally-generated revenues.

“While many Abians were still mourning and yet to recover from the numerous deceits of the present Abia State government, we got the sad news of the approval of the sum of $200m for Abia State by the National Assembly.”

Otti said he had the burden of speaking up for the millions of less-privileged people of Abia, whose Commonwealth, he claimed, was being mismanaged by the Ikpeazu government.

He challenged the Ikpeazu administration to explain to the people of Abia “where the billions of naira given to it so far for the development of the state have gone to.”


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