The Economic and Financial Crimes Commission (EFCC) has retained the passport of former Delta State Governor, Ifeanyi Okowa, who was detained on 4 November 2024 over alleged diversion of ₦1.3 trillion in oil derivation funds.
The funds in question represent a 13 per cent derivation allocation from the Federation Account between 2015 and 2023. Okowa is also accused of failing to account for these funds and of using an additional ₦40 billion to allegedly purchase shares in UTM Floating Liquefied Natural Gas and a major Nigerian bank.
Sources within the commission reported that Okowa was held at the EFCC office in Port Harcourt, Rivers State, before being released last Wednesday after fulfilling his bail conditions, one of which required him to surrender his travel documents.
An EFCC insider stated, “Okowa is no longer in our custody. He was released last Wednesday after meeting his bail conditions, including depositing his travel documents with the commission pending the conclusion of our investigation. The sum involved is substantial, and withholding his passport is a precaution to ensure compliance with the terms of his bail.”
Efforts to reach EFCC spokesperson Dele Oyewale for comment went unanswered.
Responding to the charges, Okowa described the ₦1.3 trillion misappropriation allegation as “laughable” and false. He expressed confidence in clearing his name, attributing the accusations to political motives.
At a meeting with the Urhobo Progress Union (UPU), led by President-General Chief Ese Owe, Okowa voiced his disbelief over the allegations, explaining the financial challenges his administration faced, especially during 2015-2017 when incoming funds were insufficient to cover state salaries.
“It’s absurd to think I could have diverted ₦1.3 trillion. For context, that would require taking between ₦16 billion and ₦20 billion monthly, which is unfeasible for a governor,” Okowa said.
He pointed out that Delta State consistently paid its civil servants on time, despite having one of the highest salary bills in Nigeria, reaching over ₦11 billion monthly.
“I have always prioritised proper governance,” Okowa affirmed. “The EFCC has a job to do, and I am open to their investigation. I’m confident they’ll find the truth.”
The former governor further expressed gratitude to the UPU for their support and pledged continued backing for Governor Sheriff Oborevwori.