Toba Owojaiye reporting
Asaba, Delta State
Former Delta State Governor Ifeanyi Okowa was taken into custody by the Economic and Financial Crimes Commission (EFCC) on Monday, November 3, following allegations of the diversion of N1.3 trillion, funds allocated from the 13 percent oil derivation earmarked for oil-producing states.
Truth Live News gathered that Okowa, who served as Delta’s governor from 2015 to 2023, is now facing accusations that raise fresh questions about how these diverted funds may have influenced political campaigns, particularly the 2023 presidential bid by Atiku Abubakar, where Okowa served as his vice-presidential running mate.
Sources familiar with the investigation disclosed that Okowa allegedly mismanaged the funds in question during his administration, reportedly redirecting some to other ventures, including the acquisition of real estate in Abuja and Asaba.
He is also under scrutiny for allegedly channeling an additional N40 billion into shares of UTM Floating Liquefied Natural Gas (LNG) — a venture spearheaded by UTM Offshore Limited in Akwa Ibom State.
Okowa’s detention by the EFCC in Port Harcourt follows an invitation he reportedly honored in connection to the funds. Insiders close to the investigation revealed that Okowa could not provide sufficient explanations for the usage of the funds during his tenure. His arrest marks a significant development in anti-corruption efforts by the EFCC and points to deeper inquiries into the sources of campaign funding during the last presidential election cycle.
While Okowa faces allegations concerning Delta State funds, his role as the vice-presidential candidate on the 2023 Atiku-Okowa ticket has come under renewed scrutiny. Multiple political observers have questioned the flow of funds from Delta’s state coffers, speculating on whether any portion of these funds may have been diverted to finance campaign activities. The 2023 election campaign was highly contested, and questions remain regarding the transparency of funding sources.
During the campaigns, Atiku Abubakar and Okowa’s ticket frequently highlighted economic reforms and anti-corruption measures as campaign points. The emerging details, however, have drawn public criticism, with civil society groups urging the EFCC to thoroughly examine whether state funds were used to support national political campaigns.
Among the financial dealings under investigation, the EFCC is reportedly probing real estate acquisitions linked to Okowa in Abuja and Asaba, the Delta state capital. Insiders suggest that high-value properties tied to Okowa have raised red flags within the anti-graft agency, indicating a possible diversion of public resources for personal gains.
In the wake of Okowa’s arrest, public reaction has been mixed, with some calling for a full audit of state finances in oil-rich regions to ensure future leaders prioritize public welfare. “This is a serious indictment not just of Okowa’s administration but of a system where public resources are not adequately protected,” said Amina Bello, a governance advocate in Abuja. “The EFCC’s actions today are necessary, but we need a consistent framework that ensures transparency in state-level finances.”