The Economic and Financial Crimes Commission (EFCC) has detained former Delta State Governor Ifeanyi Okowa on allegations of misappropriating N1.3 trillion from the 13% derivation fund allocated to Delta State from the federation account between 2015 and 2023.
An EFCC source confirmed Okowa’s arrest on Monday, November 4, 2024, in Port Harcourt, Rivers State. According to the source, Okowa was taken into custody at the EFCC’s Port Harcourt Directorate after responding to an invitation by investigators handling the case. Channels Television reported the arrest, adding that the investigation is ongoing.
The charges center on claims that Okowa failed to account for the massive funds allocated to Delta State during his tenure. He is alleged to have diverted the funds for purposes other than what was intended under the 13% derivation fund scheme, which is meant to benefit oil-producing states.
Acquisition of Shares and Offshore LNG Project
Investigators have focused on a specific claim that Okowa used N40 billion to purchase an 8% equity stake in a major Nigerian bank. This acquisition was allegedly intended to help launch an offshore Floating Liquefied Natural Gas (FLNG) project under UTM LNG. However, EFCC sources suspect the funds may have been diverted for other purposes, raising concerns over transparency in the project’s financial dealings.
Property Acquisitions in Abuja and Asaba
The EFCC is also looking into claims that Okowa used some of the diverted funds to purchase estates in Abuja and Asaba, the capital of Delta State. These real estate acquisitions, allegedly tied to public funds, have become a focal point in the investigation as EFCC officials seek to uncover the sources and channels used for these transactions.
Okowa’s Political Background
Ifeanyi Okowa served as the governor of Delta State and was the vice-presidential candidate for the People’s Democratic Party (PDP) in the 2023 general elections, running alongside PDP presidential candidate Atiku Abubakar. His recent arrest is seen as part of the EFCC’s broader effort to clamp down on alleged corruption among public officials.
Bottom Line
The arrest of former Governor Okowa underscores the EFCC’s ongoing commitment to tackling alleged corruption in Nigeria’s political elite. With investigations into the misuse of public funds and possible misrepresentation of government projects, this case could have significant implications for accountability and transparency in Nigeria’s management of oil revenues.
