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N1.3tn Fraud Scandal: Former Delta Governor Okowa Spends Second Night in EFCC Custody

By Achimi Muktar

In a dramatic turn of events, former Delta State governor Ifeanyi Okowa has spent his second night in the custody of the Economic and Financial Crimes Commission (EFCC), as investigators dig deeper into allegations of misappropriating a staggering N1.3 trillion during his tenure.

Okowa, who was the running mate to the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, in the 2023 election, voluntarily reported to the EFCC’s Port Harcourt office on Monday following an invitation over the alleged diversion of public funds. Despite two days of questioning, the former governor remains in detention, signaling the gravity of the charges against him.

The Allegations

Sources within the anti-graft agency revealed that Okowa is not only accused of embezzling N1.3 trillion in state funds but also of misappropriating an additional N40 billion, which he allegedly claimed was used to purchase shares in UTM Floating Liquefied Natural Gas (LNG). Investigators suspect that the funds were funneled into personal ventures, including the acquisition of prime real estate in Abuja and Asaba, Delta State’s capital.

According to one source, Okowa allegedly purchased shares worth N40 billion in a major Nigerian bank, securing an eight percent equity stake in the offshore LNG project. However, the funds are suspected to have been redirected for private purposes, further intensifying the investigation.

“He has been confronted with the allegations, and due to the scale of the claims and the enormous sums involved, the investigation is ongoing,” a source within the

EFCC told our correspondent. "We are holding him because we need thorough responses to the allegations."

Delta APC Backs EFCC Investigation

As the investigation unfolds, the Delta State chapter of the All Progressives Congress (APC) has thrown its weight behind Okowa’s detention, calling it a positive step in Nigeria’s ongoing battle against corruption. In a statement released by the party's State Publicity Secretary, Valentine Onojeghuo, the APC hailed the EFCC’s move as a necessary action to hold public officials accountable.

“The arrest of former Governor Okowa is a welcome development for all Nigerians who have been calling for greater accountability in the management of public funds,” Onojeghuo said. He also accused Okowa’s administration of “reckless borrowing” and “financial mismanagement” during his eight-year tenure, which left Delta State with a high debt profile and little infrastructure to show for it.

The APC statement further alleged that Okowa’s government funneled state resources into personal ventures, including financing a failed presidential ambition and orchestrating the controversial imposition of a successor. The party described the arrest as a warning to all public officeholders that impunity is no longer tolerated, emphasizing that the rule of law must prevail.

Public Reaction and EFCC’s Next Steps

The detention of Okowa has sparked widespread public interest, with many awaiting the next steps in what could become one of Nigeria’s most high-profile corruption cases. The EFCC is expected to continue its investigation in the coming days, with more details likely to emerge as Okowa responds to the allegations.

Political analysts suggest that Okowa’s case may set a precedent for other former governors and public officials suspected of financial misconduct. Already, there are calls for more scrutiny of the financial dealings of other former state leaders, signaling a potential wave of accountability in the months ahead.

For now, all eyes remain on the EFCC as they continue their investigation into one of Nigeria’s most significant financial scandals.

Okowa’s Legacy Under Scrutiny

As the former governor faces mounting scrutiny, critics have been quick to point out the legacy of debt and infrastructure woes left in Delta State. During his tenure, Okowa was often referred to as the “Borrow Borrow Governor” due to the heavy loans taken out under his administration. Many of the roads constructed during his time in office have reportedly deteriorated, leaving residents frustrated and questioning the use of state resources.

The APC’s statement also reflected this sentiment, noting that despite receiving large federal allocations, Delta State saw little improvement.