The Economic and Financial Crimes Commission (EFCC) has arrested Ifeanyi Okowa, the former governor of Delta State, following allegations of misappropriating over N1.3 trillion from funds allocated to oil-producing states. Okowa, who served as governor from 2015 to 2023, was taken into custody on Monday after responding to an official summons at the EFCC office in Port Harcourt, Rivers State.
According to sources familiar with the ongoing investigation, the funds in question are part of the 13 percent derivation fund, a federal allocation intended to benefit oil-producing states. The EFCC has accused Okowa of diverting these funds during his tenure as governor.
In addition to the N1.3 trillion misappropriation claim, Okowa is also being investigated for allegedly using an additional N40 billion to acquire shares in UTM Floating Liquefied Natural Gas, a project under development by UTM Offshore Limited in Akwa Ibom State. The EFCC is reportedly probing the legitimacy of these investments and the source of the funds used in the transaction.
Further inquiries have raised concerns over Okowa’s alleged acquisition of properties, including estates in Abuja and Asaba, with investigators questioning the origin of the finances used to purchase these assets. Okowa has yet to provide satisfactory documentation or a clear account of how these funds were managed during his time in office.
The investigation comes after Okowa completed his two-term tenure as Delta State governor, during which he was succeeded by Sheriff Oborevwori. The EFCC’s probe into his financial dealings marks a significant development in ongoing efforts to tackle corruption in the management of public funds in Nigeria.
