N1.3tn fraud: Okowa spends second night in EFCC custody

Former Delta State governor, Ifeanyi Okowa, remains in the Economic and Financial Crimes Commission (EFCC) custody in Port Harcourt, Rivers State, marking his second night detained by the anti-corruption agency. Okowa, who served as the running mate to the People’s Democratic Party presidential candidate Atiku Abubakar in the 2023 election, is under investigation over alleged misappropriation of N1.3 trillion in state funds.

The Delta State chapter of the All Progressives Congress (APC) has supported Okowa’s detention, calling it a “positive step” in Nigeria’s fight against corruption. The former governor reportedly responded to an EFCC invitation on Monday but was detained as investigators continue probing the allegations against him.

Sources close to the investigation told Punch that Okowa is also accused of failing to account for an additional N40 billion purportedly invested in UTM Floating Liquefied Natural Gas shares, as well as purchasing equity in a major Nigerian bank, allegedly using public funds. Investigators are reportedly examining his use of state resources for personal ventures, including real estate acquisitions in Abuja and Asaba, Delta State.

A source within the EFCC revealed that the ex-governor has been presented with several allegations and remains in custody due to the “quantum of the allegations and the amounts involved.” Investigators intend to keep Okowa detained until he responds to the charges.

The Delta State APC released a statement on Tuesday, November 5, welcoming Okowa’s arrest. APC State Publicity Secretary, Valentine Onojeghuo, stated that the former governor’s tenure was marked by significant financial mismanagement, including “reckless borrowing,” allegedly leaving Delta State with a high debt profile and minimal infrastructure development.

“The arrest of Dr. Ifeanyi Okowa serves as a warning to all public officials that the era of impunity is over,” the statement read. “No one, regardless of political affiliation, is above the law.”

The APC accused Okowa’s administration of diverting state resources into personal projects, allegedly establishing a bank, financing political ambitions, and supporting a controversial succession plan. Known by some as the “Borrow Borrow Governor,” Okowa has faced criticism for his administration’s debt accumulation and poorly maintained infrastructure projects.