Operatives from the Economic and Financial Crimes Commission (EFCC) have taken former Delta State Governor Ifeanyi Okowa into custody over allegations surrounding the misappropriation of approximately N1.3 trillion from the 13% derivation fund allocated to oil-producing states during his tenure from 2015 to 2023.
The ex-governor, who served for eight years, was apprehended on Monday, November 4, 2024, in Port Harcourt, Rivers State. His arrest took place after he honored an invitation from the EFCC’s Port Harcourt Directorate to provide clarification and assist investigators with their ongoing examination of the alleged mismanagement of these funds.
Sources within the EFCC have revealed that Okowa faces serious accusations, including the failure to properly account for the substantial sums allocated from the federation account intended for the benefit of Delta State’s oil-producing regions. These funds are crucial for the socioeconomic development, infrastructure improvements, and overall welfare of the communities within the region, raising significant concerns over transparency and accountability during his administration.
Further allegations suggest that Okowa diverted an additional N40 billion from state resources to acquire an 8% equity stake in a prominent Nigerian bank. The investment was allegedly tied to the financing of the UTM Floating Liquefied Natural Gas (LNG) project, a strategic initiative aimed at enhancing the nation's energy capabilities. However, the EFCC claims that the funds were not properly allocated, prompting questions about the transparency and use of state resources intended for regional development projects.
Moreover, EFCC investigators are scrutinizing the purchase of various high-value properties allegedly acquired by Okowa in both Abuja and Asaba, Delta State’s capital. These properties are suspected to have been financed through the diversion of public funds, casting further doubt on the appropriate use of funds under his leadership. Sources confirm that Okowa is currently detained at the EFCC facility in Port Harcourt while the investigation into these allegations continues to unfold.
An insider familiar with the investigation disclosed, “We have apprehended former Governor Ifeanyi Okowa of Delta State over the alleged diversion of N1.3 trillion in 13% derivation funds from the federation account. This alleged mismanagement took place over his two terms from 2015 to 2023.”
The source continued, “Okowa’s arrest took place on Monday, November 4, 2024, in Port Harcourt after he reported to the EFCC’s Port Harcourt Directorate at the request of investigators overseeing his case.”
“Specifically, the former governor is accused of failing to properly account for the alleged misappropriated funds, as well as an additional N40 billion, which he purportedly used to secure an 8% equity share in a major Nigerian bank in support of the UTM Floating LNG project. This fund allocation remains under scrutiny as investigators question the true purpose behind the investment.”
“Additionally, Okowa is alleged to have invested N40 billion in one of the major banks in the country, representing 8% equity to support the offshore LNG initiative. EFCC investigators believe that these funds may have been redirected to personal investments rather than the stated purpose.”
“Furthermore, investigators are probing allegations that Okowa misappropriated additional state resources to purchase premium properties located in Abuja and Asaba, Delta State. He is currently held in the EFCC detention center in Port Harcourt as we continue with our investigation into these charges,” added the insider.
When reached for comment, EFCC spokesperson Dele Oyewale confirmed the arrest of Ifeanyi Okowa. However, he declined to provide further details, citing the ongoing nature of the investigation.