The Economic and Financial Crimes Commission (EFCC) has seized the passport of former Delta State Governor Ifeanyi Okowa, following his recent arrest related to the alleged misappropriation of a substantial N1.3 trillion oil derivation fund. This fund, reportedly accumulated as 13 percent derivation revenue between 2015 and 2023, has drawn scrutiny over alleged irregularities under Okowa’s administration.

On November 4, 2024, Okowa was detained by EFCC officials at their Port Harcourt office in Rivers State. He faces allegations not only of diverting the N1.3 trillion in state funds but also of failing to account for an additional N40 billion purportedly used to acquire shares in UTM Floating Liquefied Natural Gas. Reports also indicate that Okowa allegedly invested another N40 billion to purchase an eight percent equity stake in a major Nigerian bank, aimed at floating an offshore LNG project.

A source within the EFCC, speaking under conditions of anonymity, disclosed that Okowa had been released on bail last Wednesday after fulfilling certain requirements, including the surrender of his travel documents to prevent any flight risk. “The sum allegedly involved is too substantial to overlook,” the source stated, adding that retaining Okowa’s passport is a standard precaution during the ongoing investigation.

Despite several attempts, EFCC spokesperson Dele Oyewale was unavailable for comment on Okowa’s case as of the time of this report.

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In his first public statement since the EFCC investigation commenced, Okowa dismissed the allegations as “laughable” and “entirely false.” Addressing supporters from the Urhobo Progress Union (UPU) during a solidarity visit to his Asaba residence, Okowa attributed the petition to “mundane political motivations.” He emphasized his confidence in the fairness of the investigation, asserting, “I am not worried by the EFCC invitation, as I know that I will come out clean.”

The former governor defended his administration’s handling of the state’s finances, countering claims of misappropriation. He argued that Delta State’s high salary obligations and challenging revenue years made such massive diversions implausible. “During the initial years from 2015 to 2017, our revenue barely covered salaries,” he explained, adding that salaries and pensions alone reached over N11 billion monthly.

Okowa also pointed to significant projects undertaken by his administration, particularly in the riverine areas, as evidence of his commitment to Delta’s development. “Delta State has over 56,000 employees, and they were always paid promptly. We undertook numerous infrastructure projects, especially in riverine regions, despite financial constraints,” he noted.

In a statement released by his Chief Press Secretary Olisa Ifejika, Okowa acknowledged the EFCC’s right to investigate, while expressing disappointment in what he termed a “politically motivated” petition. He assured supporters of his continued commitment to Delta State’s growth, especially under the leadership of Governor Sheriff Oborevwori. “I have faith in Governor Oborevwori’s vision, and I remain committed to supporting him and the people of Delta,” Okowa said.

UPU President-General Chief Ese Owe reaffirmed the union’s support for Okowa, thanking him for championing the cause of Delta’s Urhobo community and backing Oborevwori’s gubernatorial victory. The EFCC investigation remains ongoing, with further inquiries into the allegations anticipated in the coming months.