The Port Harcourt zonal command of the Economic and Financial Crimes Commission (EFCC) has granted administrative bail to Dr. Ifeanyi Okowa, a former governor of Delta State for alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
Ex-Delta Governor Ifeanyi Okowa Faces N1.3 Trillion Fraud Probe Over Alleged Diversion of Oil Derivation Funds for Mega Real Estate Ventures.
Former Delta State Governor Ifeanyi Okowa is under intense scrutiny as the Economic and Financial Crimes Commission (EFCC) investigates an alleged N1.3 trillion fraud tied to the 13% oil derivation fund allocated to Delta State between 2015 and 2023. The EFCC, which recently detained and questioned Okowa in Port Harcourt, suspects that significant portions of this fund were diverted to finance luxury estates in Abuja and Asaba, as well as other investments.
Further, sources close to the investigation indicate that Okowa may have funneled N40 billion into shares in UTM Offshore’s LNG project, allegedly leveraging state funds for a stake in the company’s upcoming floating LNG facility. This marks a substantial development in Nigeria’s ongoing anti-corruption efforts and comes as Okowa’s political connections draw additional attention, particularly after his recent role as vice-presidential candidate with the People’s Democratic Party (PDP) in the 2023 elections.
EFCC’s actions underline their commitment to ensuring accountability, particularly with cases involving massive public funds. This case has sparked public outrage and raised serious concerns about the management of state resources, especially in regions meant to benefit from oil revenue allocations. The ongoing investigation could have broader implications for political and financial oversight across Nigerian states.
Peoplesmind
