The Port Harcourt zonal command of the Economic and Financial Crimes Commission (EFCC) has granted administrative bail to Dr. Ifeanyi Okowa, a former governor of Delta State, over allegations of diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.
Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, after reporting to the Port Harcourt Directorate of the EFCC at the invitation of investigators handling his case.
Sources confirmed that the former governor left the EFCC facility around 9 pm on Wednesday night.
A source under anonymity stated: “He left the facility at about 9 pm yesterday (Wednesday).”
“Okowa is expected to return soon to provide documents and answer more questions before the matter will be charged to court.”
The former governor is accused of failing to account for the 13% derivation funds, as well as an additional N40 billion, which he allegedly claimed to have used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).
Specifically, Okowa is said to have purchased N40 billion worth of shares in one of the country’s major banks, representing an 8% equity stake in the offshore LNG venture.
The funds are also alleged to have been diverted for other purposes, including acquiring properties in Abuja and Asaba, Delta State.
