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Former Delta State Governor Ifeanyi Okowa was arrested by the Economic and Financial Crimes Commission (EFCC) on Monday, November 4, facing allegations of diverting ₦1.3 trillion meant for oil-producing states.
Okowa, who led Delta from 2015 to 2023, is accused of misusing funds from the 13 percent derivation fund, intended for states with oil production.
Sources close to the investigation revealed that Okowa's arrest occurred when he voluntarily reported to the EFCC’s Port Harcourt office, responding to an invitation regarding the alleged mismanagement.
"The funds in question were earmarked for development in oil-rich states, but they appear to have been misappropriated over the years," a source informed TheCable.
Other allegations against Okowa
In addition to the ₦1.3 trillion diversion claim, Okowa is also under investigation for the alleged misappropriation of ₦40 billion.
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This substantial sum was reportedly used to acquire shares in UTM Floating Liquefied Natural Gas, an ambitious facility currently under development by UTM Offshore Limited in Akwa Ibom.
Further, EFCC sources indicated that Okowa is suspected of using public funds to purchase estates in Abuja and Asaba, the Delta State capital.
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“There are considerable assets tied to these funds, including properties in major cities that seem unaccounted for,” stated an insider.
Currently held at the EFCC facility in Port Harcourt, Okowa's case adds to the growing scrutiny of financial conduct among former state governors, with potential implications for transparency in governance. His successor, Sheriff Oborevwori, took office earlier this year.