Former Delta State Governor, Ifeanyi Okowa, remains in the custody of the Economic and Financial Crimes Commission in Port Harcourt, Rivers State, now marking his second night in detention.
Okowa, who recently ran as the vice-presidential candidate for the Peoples Democratic Party alongside Atiku Abubakar in the 2023 election, reported to the EFCC on Monday following an invitation over alleged financial misconduct.
Sources indicate that Okowa is under investigation for the alleged diversion of N1.3 trillion in state funds during his tenure as governor.
Additionally, he faces accusations of misappropriating another N40 billion, which he reportedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.
Investigators suggest that he is also being scrutinized for allegedly using state resources to acquire N40 billion worth of shares in a prominent Nigerian bank, an investment that reportedly represents eight percent equity in the offshore LNG project.
Beyond these allegations, Okowa is also accused of diverting state funds for personal real estate purchases in Abuja and Asaba, Delta State.
According to a source close to the investigation, the former governor was confronted with these substantial allegations earlier on Tuesday. Given the gravity and scale of these accusations, Okowa remains in EFCC custody as the investigation deepens.
In a statement issued on Tuesday, the Delta State chapter of the All Progressives Congress expressed its support for Okowa’s continued detention, calling it a significant stride in Nigeria’s fight against corruption.
Through its Publicity Secretary, Valentine Onojeghuo, the APC urged the EFCC to broaden its investigation to encompass other former governors and public officials with questionable financial histories.
Highlighting the alleged financial mismanagement during Okowa’s eight-year administration, the APC accused him of channeling state resources into private ventures, including establishing a bank, funding an unsuccessful presidential bid, and attempting to influence the selection of his successor.
“We in the APC wholeheartedly welcome the arrest of the former governor, who oversaw one of the most concerning cases of financial mismanagement during his tenure,” the statement read.
The APC further critiqued Okowa’s administration for what it described as reckless borrowing, which it said significantly inflated Delta State’s debt profile and earned him the nickname “Borrow Borrow Governor.”
Despite considerable federal allocations during his term, the party asserted that Okowa left minimal tangible infrastructure behind, adding that the few roads constructed quickly fell into disrepair.
“The few substandard roads he constructed, often hailed as the ‘roadmaster,’ have deteriorated rapidly,” the APC statement concluded.
As the investigation unfolds, the EFCC is expected to continue probing Okowa’s financial activities, with no indication yet of his release from detention.
