EFCC Confiscates Passport of Former Delta State Governor Ifeanyi Okowa Over Alleged Diversion of N1.3 Trillion Derivation Fund
In recent developments, Nigeria’s Economic and Financial Crimes Commission (EFCC) has withheld the international passport of former Delta State governor, Ifeanyi Okowa, following allegations of financial misconduct and fund diversion.
This move comes after Okowa’s arrest on November 4, 2024, by the anti-graft agency over claims of misappropriating a massive sum of N1.3 trillion, part of the 13% derivation funds allocated to Delta State from the federation account between 2015 and 2023.
The EFCC has leveled accusations against Okowa, alleging that he not only failed to properly account for the N1.3 trillion allocated to the state but also misused an additional N40 billion.
According to the commission, Okowa purportedly used this sum to invest in UTM Offshore, a Floating Liquefied Natural Gas (LNG) company, securing shares in one of Nigeria’s major banks as part of the venture. This investment, valued at N40 billion, is said to represent an 8% equity stake in the offshore LNG project.
The investigation suggests that these funds, which could have been used for developmental projects in Delta State, were instead directed toward private ventures under the guise of government investment.
READ ALSO: France Increases Security Measures for Israel Soccer Match Following Amsterdam Clashes
Sources within the EFCC report that Okowa was invited to the commission’s office in Port Harcourt, Rivers State, where he was subsequently taken into custody. After spending some time in detention, he was granted bail last week under certain conditions, one of which was the submission of his travel documents.
A source familiar with the case explained that Okowa’s release was conditional, requiring him to surrender his passport to ensure compliance with ongoing investigations and to prevent any risk of him leaving the country before the case is resolved.
“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 into the allegations against him,” a source revealed.
The official further noted, “The sum involved is substantial, and given the magnitude of the allegations, it is essential to ensure there is no risk of the accused fleeing the jurisdiction before a full investigation is complete.”
This case has stirred considerable public interest and raised questions regarding the management of federal allocations intended for state development. Delta State, a significant beneficiary of Nigeria’s oil revenues, receives derivation funds to facilitate economic and infrastructural development. However, the accusations against Okowa underscore concerns over accountability in the utilization of such funds.
While Okowa has yet to publicly respond to these allegations, the EFCC’s actions reflect a determined stance against potential financial misconduct, particularly when public funds are involved. The agency has pledged to pursue a thorough investigation and bring any parties found culpable to justice.
With the spotlight on this high-profile case, many Nigerians await further developments, hoping for clarity and accountability regarding the management of state resources.
READ ALSO: European Powers Push for New U.N. Resolution on Iran as Global Stakes Rise
As the EFCC continues its investigation, the confiscation of Okowa’s passport underscores the agency’s resolve to prevent any attempt at evasion and to ensure that justice is served. The case is one among several ongoing efforts by the EFCC to address financial misappropriation and enforce transparency within Nigeria’s public sector.
Former Delta State Governor Ifeanyi Okowa has dismissed allegations of misappropriating N1.3 trillion in oil derivation funds as “laughable and completely false.” Speaking publicly on the matter for the first time since his release from the EFCC’s custody, Okowa addressed the accusations during a solidarity visit from the Urhobo Progress Union (UPU), led by President General Chief Ese Owe, at his Asaba residence.
Expressing confidence in his eventual vindication, Okowa asserted that the accusations are politically motivated. He thanked the UPU for its steadfast support and pledged his continued backing of Governor Sheriff Oborevwori. UPU’s President-General noted the visit was to express gratitude to Okowa for his role in supporting Oborevwori’s election.