Former Delta Governor’s Alleged Spending Spree Leads to Detention Over Missing Funds
In a new chapter of high-stakes political drama, former Delta State Governor Ifeanyi Okowa has been detained by the Economic and Financial Crimes Commission (EFCC) over allegations of diverting a jaw-dropping N1.3 trillion from the 13 percent derivation fund between 2015 and 2023. The former governor is facing a hefty list of accusations involving the alleged mismanagement of funds intended for Delta State’s development.
Sources revealed that Okowa arrived at the EFCC’s Port Harcourt Directorate on Monday, November 4, responding to an invitation from investigators keen to discuss his financial choices. However, what was expected to be a routine meeting turned into an extended stay, with EFCC officials deciding to hold Okowa at their facility pending further investigation.
The claims against the ex-governor range from failing to account for the funds to allegedly investing N40 billion in shares in one of Nigeria’s leading banks, supposedly to acquire an eight percent stake in UTM Floating Liquefied Natural Gas. Okowa is suspected of redirecting this massive sum to float the offshore LNG project, sparking serious questions about whether public funds were used to fuel personal ventures.
But the spending spree didn’t stop there, according to investigators. EFCC sources are also digging into Okowa’s alleged diversion of public money toward acquiring high-end properties in Abuja and Asaba. The anti-graft agency suspects that these real estate assets were financed with funds that may have been earmarked for the people of Delta State.
When contacted on Monday evening, EFCC spokesperson Dele Oyewale confirmed Okowa’s detention but declined to provide additional details, suggesting that the investigation is far from over.
For now, Okowa remains in Port Harcourt under the EFCC’s watchful eye, as Nigerians wait to see what twists this story will take next.
