N1.3trn Derivation fund diversion: EFCC grants bail to ex-Delta Governor Okowa

The Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) has granted administrative bail to Dr. Ifeanyi Okowa, former Governor of Delta State, following allegations of diverting N1.3 trillion from the 13% derivation fund between 2015 and 2023.

Sources from The Witness confirm that Okowa was apprehended on Monday, November 4, 2024, when he arrived at the Port Harcourt Directorate of the EFCC for questioning based on the commission’s summons. The former governor was released on bail at around 9 p.m. on Wednesday, November 6.

According to an insider: “He left the facility at about 9 p.m. yesterday. Okowa is expected to return soon to provide further documents and respond to additional questions, after which the case may be taken to court.”

The EFCC’s investigation accuses Okowa of mismanaging 13% derivation funds and failing to account for the substantial amounts involved. Allegedly, he is also implicated in acquiring N40 billion worth of shares in UTM Floating Liquefied Natural Gas (LNG) and buying an 8% equity stake in one of Nigeria’s major banks. The funds are also suspected of being used for real estate investments in Abuja and Asaba.

The case is ongoing, with Okowa expected to comply with further investigative procedures.