The former Governor of Anambra State, Mr. Peter Obi has counselled against ?indiscriminate borrowing and issuance of bonds by States. He was speaking at a dinner organized by Planet Capitals for the Presidents of the Nigeria Bar Association( NBA), Barr. Augustine Alegeh( SAN); President, Chartered Institute of Stockbrokers, Mr. Albert Okumagba; and the President Institute of Chartered Accountants of Nigeria, Mr. Chidi Ajaegbu at Oriental Hotel, Lagos .?Mr. Obi said that in his eight years as the governor of Anambra State, that he did ?not borrow a dime, but rather paid arrears of debt owned by others, example being ?the over 35Billion Naira his Government spent on liquidating arrears of pension and gratuity owed to civil servants in the State since 1999. ?He explained that he was able to do it by reducing the cost of governance, which. Ashe maintained, is too expensive in Nigeria.
?Obi who said he was not against borrowing, advised any Government desirous to borrow or raise bonds to first if all ?convinced itself ?that it was to finance projects that would pay itself back and not finance the ?reckless life styles of some Heads of government.
?He thanked Planet Capital for their services to the financial sector snd encouraged them to continue to adhere to global best practices.
?The highlight of the event was the presentation of awards to the three presidents of for their steadfastness and contributions in deepening the progress of ?the Country.
In their separate speeches, the three Presidents thanked Planet a Capital for organizing ?the event and pledged continued collaboration among them for the ultimate good of the country.
?The Chief Executive Officer of Planet Capital, Mr. Chidi Agbapu said the recognition was a way of thanking them for their efforts and ?a reminder of the need to work together for the progress of the country. Further, he said the choice of Mr. Peter Obi as the Special Guest of Honour ?was due to his spectacular performance as the Governor of Anambra State and his exemplary conduct in the corporate world.
Mazi Odera
