What bearing does 'race' have that on anything I said? The law in question solely speaks of 50% pre-1778 Hawai'ian ancestry. It doesn't say anything about 'race' genetics, skin color, hair color, or any other hereditary characteristics. It's a pretty simple question, that does not require unscientific hair-splitting - simply trace up your family tree, and count where your great-great-great-great-great-great-great-grandparents lived in 1778.
But since you've asked, Obama does not meet that criteria. His maternal grandparents are from Kansas, and his paternal grandparents are from Africa. Growing up in Hawai'i does not entitle him to those particular reparations settlers chose to grant to Hawai'ian natives.