May 20, 2024

#Abia’s Financial Review: #KPMG Report Illuminates #Ikpeazu’s #Economic Foresight


#Abia’s Financial Review: #KPMG Report Illuminates #Ikpeazu’s #Economic Foresight

…reiterates that Otti lied deliberately to mislead Abians

#Abia’s Financial Review: #KPMG Report Illuminates #Ikpeazu’s #Economic Foresight

In a striking disclosure, Chief John Okiyi-Kalu, Abia State’s former Information Commissioner, has shed light on the state’s financial health, citing a KPMG review that confirms ex-Governor Okezie Ikpeazu’s administration left a substantial net credit of N3.49 billion for his successor, Governor Alex Otti.

This revelation counters the current administration’s claims and underscores the distinction between liquid assets and other financial instruments, such as the 3.5% stake in the Aba IPP Geometric, now valued at a staggering N80 billion, among others.

He went further to explain that even the net credit balance of N3.48 billion is enough to pay two months’ workers’ salary in Abia State and wondered why a man who left such an amount of money should constantly be demonized by the incumbent Governor of Abia State.

The former Commissioner further revealed that they discovered that KPMG only executed a financial process review, while Governor Otti told the world that he had a “forensic audit report done by one of the top three audit firms in the world ” in hand.

Okiyi-Kalu said that given that one should at least expect a former Managing Director of a Bank to know the difference between a Process Review report and a Forensic Audit Report, he can only say that Otti lied deliberately to mislead the public.

He expressed sadness that many of Otti’s cheering crowd do not know the difference between an audit and a process review, a situation he advised all those confused to do proper research to know the difference.

“How much did Governor Alex Otti pay KPMG? Abians deserve to know because we are already paying a state-owned audit unit that would have done a far better job.

“So far, Otti’s government has spent N9 billion on a subhead called “research & development”. What is he researching and developing in Abia State? Check quarterly financial reports published by his administration, if in doubt.

“Based on antecedent, never trust anything said by Governor Otti. He lies and misrepresents facts too frequently to be taken seriously.

“Did you notice that after I responded to his allegation of missing N10b with details of road contractors paid from the money, he said, “The money was moved into 32 different accounts” instead of the money being paid into 32 road contractors’ accounts?”

He said that he remains grateful to whoever forced Otti to leak the KPMG report, stressing that at face value, the report exonerates Ikpeazu of any wrongdoing and highlights the leadership shortcomings of Otti.

“A Governor does not award contracts in Abia State and a Governor does not sign Cheques. It is the Finance & General Purpose Committee (F & GPC) that reviews tenders, recommend companies for the award of contracts and passes the same to State Exco for approval.

“Similarly, only the top officials of the Ministry of Finance sign State Government Cheques and at the level of ministries it is the Permanent Secretary and Director of Finance.

“As a Commissioner in Abia State for six years I never signed any government or ministry cheque because it is not within my remit. Where then is the evidence of Dr Ikpeazu stealing N10bn meant for Abia Airport.”

#Abia’s Financial Review: #KPMG Report Illuminates #Ikpeazu’s #Economic Foresight

Okiyi-Kalu went further to call on all those who need a copy of the process review report, to contact him via his WhatsApp, assuring that he will send it to them if he believes they are capable of understanding such reports.

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