The Economic and Financial Crimes Commission (EFCC) has confiscated the international passport of former Delta State Governor, Ifeanyi Okowa, amid ongoing investigations into alleged corruption during his tenure.
Okowa was detained by the EFCC on November 4, 2024, in connection with a purported diversion of N1.3 trillion in derivation funds from the federation account between 2015 and 2023.
The funds in question are linked to the 13 percent derivation allocated to oil-producing states, meant to boost development in those regions.
In addition to the alleged misappropriation of these funds, Okowa faces accusations of mismanaging another N40 billion, which he reportedly invested in shares with UTM Floating Liquefied Natural Gas (LNG).
Reports suggest that part of this investment involved the purchase of N40 billion worth of shares in a prominent Nigerian bank, amounting to an 8 percent equity stake, intended to support offshore LNG operations.
EFCC sources confirmed that Okowa appeared at the agency’s office in Port Harcourt, Rivers State, where he was subsequently detained and later released after meeting bail conditions.
A key requirement for his bail was the surrender of his travel documents to the EFCC, ensuring his cooperation with ongoing investigations.
This development has intensified scrutiny on the management of derivation funds in oil-rich states, with Okowa’s case now in the spotlight.
“Okowa is no longer in our custody. He was released last Wednesday after meeting his bail conditions, which include depositing his travel documents with the commission, pending the conclusion of our investigations of the allegations against him.
“The sum allegedly is too huge to take risks. And what we have done is not out of place. This is to prevent anyone under investigation from jumping the bail he/she had been granted,” he said.
Several calls put through to the EFCC’s spokesperson, Dele Oyewale, were not answered.
He was also yet to respond to the message sent to him on the matter as of the time of filing this report.
Speaking on his trial, Okowa described the allegation that he misappropriated N1.3tn oil derivation funds while in office as laughable and totally false.
Speaking when he received the national leadership of Urhobo Progress Union, led by its President General, Chief Ese Owe, on a solidarity visit at his residence in Asaba, on Tuesday, Okowa said he was not worried by the EFCC invitation.
The former governor, who was speaking publicly on the issue for the first time since his return from honouring the EFCC invitation, said he was confident that he would come out clean.
In a statement signed by his Chief Press Secretary, Olisa Ifejika, the former governor disclosed that the petitioners were driven by mundane political considerations but asserted that he would continue to support Governor Sheriff Oborevwori to deliver on the mandate freely given to him by the Delta people.
“It was a petition written several months ago, but unfortunately, with the politics of our time, some people decided to ensure that Okowa must be invited by the EFCC.
“People are genuinely uncomfortable about Okowa and I was actually invited and I went there by myself and the first thing I saw was that they said I misappropriated N1.3tn. I said, do you know the kind of money you are talking about?
“To successfully take N1.3tn, it means you have to be taking between N16bn and N20bn every month into your pocket. I don’t even know if the President of this country will be able to do that, not to talk of the governor of Delta State.
“They have forgotten that the first in three years we came into office – 2015, 2016 and 2017 – the money that was coming into the state was not even enough to pay salaries at all.
“Some local governments like Ethiope East were owing as much as 15 months salaries and even in the state here, some people were getting half salaries.
“Delta State is the highest salary-paying state in this nation; our salaries grew to the level that salaries and pensions went up to over N11bn in a month.
“There are some states whose total staff strength is less than 18,000, but here in Delta, we have over 56,000 workers,” he said.
The former governor added, “Workers always received their salaries promptly while we also embarked on all the projects that were done, and nobody thinks about it, especially the projects we did in the riverine areas. But, I know that the people are not happy with those who wrote the petition.”
He said, “Personally, I am not against investigation because the EFCC has to do its job, and I know that I have done everything how it ought to be done.”