EFCC Holds Former Delta Governor Ifeanyi Okowa Over Alleged N1.3 Trillion Fraud
Written by Jerry Alomatu on November 6, 2024
Former Delta State Governor Ifeanyi Okowa remains in detention at the Port Harcourt office of the Economic and Financial Crimes Commission (EFCC), marking his second night in custody.
Okowa, who served as the running mate to Atiku Abubakar in the 2023 presidential election, was arrested following an invitation by the EFCC regarding the alleged diversion of N1.3 trillion.
The allegations against him include failure to account for N40 billion he purportedly used to acquire shares in UTM Floating Liquefied Natural Gas and for buying N40 billion worth of shares in a major bank, which allegedly funded other purposes. Investigators are also looking into his purchase of estates in Abuja and Asaba, Delta State, using diverted funds.
The Delta State chapter of the All Progressives Congress (APC) has expressed support for the EFCC’s actions, calling it a significant step in the fight against corruption. The party condemned Okowa’s administration for alleged financial mismanagement during his tenure, which it claims involved funneling public resources into personal ventures, including a failed presidential ambition and the controversial imposition of a successor.
The APC also criticized the former governor for accumulating a high debt profile, earning him the nickname “Borrow Borrow Governor.” The party urged the EFCC to continue investigating financial dealings of other former governors and public officials.
An EFCC source confirmed that Okowa has yet to be released due to the magnitude of the allegations and the ongoing investigation.
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Author: Jerry Alomatu
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