The Economic and Financial Crimes Commission (EFCC) has detained former Delta State Governor Ifeanyi Okowa over alleged misappropriation of ₦1.3 trillion from the state’s oil derivation funds.
Sources within the EFCC confirmed that Okowa was arrested on November 4, 2024, in Port Harcourt, Rivers State. The former governor reportedly surrendered himself to the EFCC’s Port Harcourt office following an invitation from investigators probing his financial dealings during his tenure as governor from 2015 to 2023.
The arrest, described as part of an ongoing investigation, relates to allegations that Okowa siphoned funds meant for Delta State’s development. According to EFCC insiders, the former governor failed to account for the massive sum, which originated from the 13% derivation funds allocated to oil-producing states.
An EFCC official, speaking anonymously, stated, “This case involves staggering amounts that should have been used to improve Delta State. The funds seem to have been diverted for personal gain.”
Okowa is also accused of diverting an additional ₦40 billion to acquire shares in UTM Floating Liquefied Natural Gas (UTM LNG), an offshore liquefied natural gas project. The former governor allegedly bought a significant equity stake in one of the country’s top banks, using state funds to secure an 8% shareholding in the company.
“These are funds that could have been channeled into critical infrastructure in Delta State,” a source explained. “Instead, they were allegedly used to acquire shares in a bank and other private investments.”
The EFCC has reportedly uncovered evidence suggesting Okowa used state resources to build luxury estates in Abuja and Asaba. The investigation is exploring various asset acquisitions linked to the former governor, including real estate, shares, and other investments within the oil and gas sector.
The former governor’s spokesperson did not immediately respond to requests for comment on the allegations. It remains unclear if Okowa has secured legal representation.
This latest development marks a significant turn in the EFCC’s investigation into alleged misappropriation of funds by high-ranking political figures in Nigeria. Okowa, who served as Delta State governor for eight years, was also the running mate to former Vice President Atiku Abubakar, the People’s Democratic Party (PDP) presidential candidate in the 2023 elections.
The EFCC claims it is determined to trace and recover any diverted funds for the people of Delta State. Okowa’s alleged misconduct is part of a broader probe into misuse of public funds by prominent politicians and former officeholders.
“We are committed to ensuring accountability, especially with resources meant for public development,” an EFCC spokesperson stated. “This is about returning wealth to the citizens who have long suffered from misuse of state funds.”
Sources suggest that the former governor may face multiple charges, including embezzlement, fraud, and money laundering. The EFCC has been relentless in pursuing prominent individuals linked to financial misconduct, aiming to set a strong precedent against corruption in government offices.
One EFCC official commented, “If proven true, this is a clear example of abuse of office. The EFCC has vowed to hold accountable anyone who misuses public funds, regardless of their political affiliations.”
The magnitude of the alleged fraud has stirred significant public interest, as citizens express concern over the state of leadership and the exploitation of state resources. The 13% derivation fund, designed to benefit oil-producing regions, has been a recurring topic in conversations about transparency and accountability within Nigerian governance.
Critics argue that corruption in the oil-rich Niger Delta region has hindered the area’s development, leading to widespread poverty and underdevelopment despite the region’s economic potential. Funds from the derivation pool are meant to be reinvested in local communities to improve living standards, create jobs, and provide public services.
“The misuse of derivation funds is a slap in the face of the people,” said a Delta State resident who asked to remain anonymous. “Our roads are in terrible condition, schools are crumbling, and hospitals lack basic supplies. Meanwhile, leaders are accused of using the money for personal gain.”
Okowa’s arrest is part of a string of recent actions by the EFCC to tackle alleged financial crimes among political elites. As the investigation progresses, Nigerians await further developments and hope that the EFCC’s actions will lead to greater transparency in the management of public resources.
The former governor remains in EFCC custody in Port Harcourt, where he is expected to assist investigators in uncovering the full extent of the alleged misappropriations. The EFCC has emphasized that this investigation will continue until all misappropriated funds are traced and accountability is established.
