Ex-Governor Ifeanyi Okowa Arrested for Alleged Diversion of N1.3 Trillion in Delta State
The Economic and Financial Crimes Commission (EFCC) has arrested Ifeanyi Okowa, former Governor of Delta State, over allegations of diverting N1.3 trillion in funds intended for oil-producing areas of Delta State. The funds, derived from the 13% oil derivation allocation from the Federation Account, were allegedly misappropriated between 2015 and 2023.
Background on the Investigation
Okowa was taken into EFCC custody in Port Harcourt, Rivers State, on Monday, November 4, 2024, after arriving at the Port Harcourt Directorate of the EFCC upon the agency’s request. Reports indicate that he is currently detained at the EFCC holding facility as investigations unfold.
Sources close to the EFCC reveal that the former governor allegedly mismanaged additional funds amounting to N40 billion, reportedly used to purchase shares in UTM Floating Liquefied Natural Gas (LNG). This investment is said to include shares in a major bank within Nigeria, representing an 8% stake intended to support the LNG venture. However, EFCC investigators are examining claims that these funds were redirected for unauthorized purposes.
Further Allegations and Real Estate Acquisitions
Apart from the shares in UTM LNG, Okowa is under investigation for allegedly acquiring luxury estates in Abuja and Asaba, Delta State’s capital, using diverted funds. This accumulation of assets is a key area of interest in the ongoing probe by the EFCC.
Okowa’s activities had drawn attention last year, leading to calls from Delta State’s oil and gas communities for EFCC intervention. The coalition, which included representatives from the Ijaw, Itsekiri, Urhobo, Isoko, and Ndokwa ethnic groups, held a protest at EFCC’s headquarters in Abuja, urging the agency to investigate the alleged non-remittance of the 50% allocation meant for the Delta State Oil Producing Areas Development Commission (DESOPADEC). This protest highlighted alleged mismanagement during Okowa’s administration and demanded that the EFCC recover the funds.
Dr. Ifeanyi Arthur Okowa. Former Governor Of Delta State
Implications and Political Context
Ifeanyi Okowa was the vice-presidential running mate to Atiku Abubakar, the People’s Democratic Party (PDP) candidate, in Nigeria’s 2023 presidential elections. His current arrest casts a spotlight on the administration of oil revenues within Delta State, with anti-graft agencies facing pressure from Delta’s oil and gas communities to ensure transparency.
Public Demand for Accountability
Mulade Sheriff, an Ijaw leader, and other stakeholders recently submitted a petition to the EFCC, underscoring the importance of retrieving the alleged N1.07 trillion misappropriated from Delta State’s derivation funds. In Sheriff’s statement to the media, he urged the EFCC to fully investigate and recover all diverted funds.
The EFCC’s action on Okowa is a significant development in the ongoing fight against corruption, with public calls for greater transparency in the allocation of oil revenues and development funds intended to uplift oil-producing communities in the Niger Delta region.
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