EFCC Grants Administrative Bail to Former Delta Governor Ifeanyi Okowa

Okowa Granted Bail Over Alleged N1.3trn Fraud

The allegations further detail that Okowa invested N40 billion in shares of a leading national bank...

Former Delta Governor Ifeanyi Okowa arrested by EFCC for allegedly diverting N1.3 trillion in derivation funds between 2015 and 2023.

The Economic and Financial Crimes Commission (EFCC) has granted administrative bail to former Delta State Governor Ifeanyi Okowa, who was taken into custody on November 4 after responding to an EFCC invitation. Okowa is being investigated for allegedly diverting N1.3 trillion from the 13 percent derivation fund between 2015 and 2023.

The EFCC's decision to grant administrative bail aligns with its reviewed guidelines on arrest, bail, and processing of suspects, emphasizing the rights of suspects and adherence to international best practices. These guidelines aim to ensure that bail conditions are reasonable and practicable for suspects to fulfill.

Former Delta State Governor Ifeanyi Okowa was released from EFCC custody on Wednesday, November 6, at around 9 pm, according to sources. “He left the facility at about 9 pm yesterday (Wednesday),” the source revealed. Additionally, Okowa is expected to return soon to provide necessary documents and answer further questions before the case proceeds to court.

Okowa's arrest stems from allegations of misappropriating N1.3 trillion in derivation funds from the federation account between 2015 and 2023, during his tenure as governor. Specifically, he's accused of failing to account for these funds and questionable handling of an additional N40 billion, allegedly used to purchase shares in UTM Floating Liquefied Natural Gas.

The allegations further detail that Okowa invested N40 billion in shares of a leading national bank, securing an 8% equity stake to support the offshore LNG project. However, investigators suspect these funds may have been diverted for other purposes, including purchasing properties in Abuja and Asaba, Delta State.