N1.3trn Fraud: EFCC Grants Okowa Bail, Seizes Passport, Freezes Accounts

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 for alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

Recall that Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.

It was reliably gathered that the former governor left the facility of the anti-graft agency at about 9 pm Wednesday night.

According to the source: “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 was alleged to have failed to render accounts of the 13% derivation funds as well as another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.

Specifically, Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG.

The funds were alleged to be used for other purposes, including acquiring estates in Abuja and Asaba in Delta state.