EFCC detains Delta ex-gov, Okowa, for alleged N1.3tr fraud
The Economic and Financial Crimes Commission (EFCC) has arrested and detained the immediate past governor of Delta State, Ifeanyi Okowa. The Guardian gathered that Okowa was taken into custody in Port Harcourt, Rivers State, yesterday, over alleged misappropriation and embezzlement of billions of naira belonging to Delta during his eight-year tenure as governor.
He was reportedly detained when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter. EFCC Spokesman, Dele Oyewale, who confirmed the arrest to The Guardian, refused to comment further. Okowa was arrested for alleged diversion of N1.3 trillion derivation fund from the federation account between 2015 and 2023.
The former governor allegedly failed to account for the derivation funds as well as the N40 billion he reportedly used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).
Specifically, Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing eight per cent equity to float the offshore LNG. The funds were allegedly used for other purposes.
Officials are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba, the state capital. Okowa was the running mate to Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election.
Two political associates of Okowa have also corroborated the news of his detention, on condition of anonymity. They expressed concern over the implications of the allegations for Okowa’s legacy, as well as for the political landscape of Delta, which has historically been defined by its oil wealth and the governance challenges that accompany it.
Okowa, who served as governor from May 2015 to May 2021, played a pivotal role in the development initiatives across Delta, focusing on infrastructure and social programmes.
However, his administration has not been without controversy, and critics have previously raised concerns about financial accountability and the management of state resources.
The Network Against Corruption and Trafficking Initiative (NACAT) had submitted substantiated petitions against government officials, including Delta. NACAT Executive Director of Investigation, Tega Oghenedoro, during a briefing in Abuja, disclosed that the body submitted a petition for over three months urging EFCC to expand its investigation net to include over N3 trillion allocation to Delta under Okowa.
In the petition, Oghenedoro said the body was also requesting the EFCC and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to look into a staggering N600 billion that was borrowed and could not be accounted for by the past administration, which left a debt profile of N480 billion and unpaid ongoing projects worth over N150 billion.
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