Concluded Investigation On Alleged ‘₦96bn Fraud’ Reveals Troubles For Former Delta Governor Okowa

Concluded Investigation

 

OpenLife News reports that fresh details have emerged on why operatives of the Economic and Financial Crimes Commission, EFCC, arrested and detained former Delta State Governor, Dr. Ifeanyi Okowa.

According to a concluded investigation report by the EFCC, one of the major transactions under probe involves approximately ₦96 billion allegedly withdrawn from the Delta State Government House Protocol Department account during Okowa’s tenure.

The ₦96 Billion Protocol Account

The investigation report states that the funds were withdrawn from an account operated in the name of the Delta State Government House Protocol Department.

At the time, the branch was reportedly managed by a manager said to be a brother of the former governor.

According to the EFCC report, the withdrawals were “systematically structured” in amounts ranging between ₦9 million and ₦9.9 million, allegedly to keep individual transactions below reporting thresholds. On some days, the cumulative withdrawals reportedly reached ₦300 million.

“Between ₦200 million and ₦300 million in cash was delivered daily to the Government House, with the exact amount varying from day to day but reportedly not exceeding ₦300 million,” the report stated.

Cash Converted To Dollars, EFCC Alleges

The investigation further alleges that approximately 50% to 75% of the cash withdrawn was taken to Bureau de Change operators for conversion into United States dollars.

According to the report, the bank manager was detained and questioned by EFCC operatives. He reportedly described the cash withdrawal process and stated that the funds were handed over to an  Executive Assistant on Special Duties to Governor Okowa who was subsequently detained by the EFCC.

The report states that he admitted his involvement in the alleged transactions and claimed he acted on behalf of the then governor, Dr. Ifeanyi Okowa.

The investigation also allegedly implicated top government house officials.

According to the EFCC report, both officials were detained and questioned regarding the alleged fraudulent transactions.

Charges Prepared Against Okowa And Others

Based on the findings, the EFCC prepared the following charges against Dr. Okowa and other persons involved:
-Conspiracy to commit money laundering
-Diversion or misappropriation of public funds
-Criminal breach of trust
-Abuse of office

-Forgery or falsification of financial records

The report describes them as “grave criminal acts” arising from the commission’s concluded investigation.

Defection To APC Three Days Before Court Date

In a twist, the report notes that three days before Okowa and his alleged accomplices were to be charged to court, they defected en masse from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC.

The defection happened on Wednesday, April 23, 2025, alongside Governor Sheriff Oborevwori and other Delta PDP leaders. They were formally received into the APC on Monday, April 28, 2025.

Previous Arrest Over ₦1.3 Trillion Allegation

It will be recalled that Dr. Ifeanyi Okowa was first arrested by EFCC operatives on November 4, 2024, in Port Harcourt, after honouring an invitation by the anti-graft agency.

He was investigated over alleged diversion of ₦1.3 trillion from the 13% derivation fund belonging to Delta State. The EFCC alleged the offence was committed between 2015 and 2023 during his tenure as governor.

When contacted, EFCC spokesman, Mr. Dele Oyewale, confirmed the arrest but declined further comments.

“Yes, I can confirm he was arrested,” Oyewale said, but refused to respond to further questions.

What Happens Next?

With the investigation concluded, legal sources say the EFCC may proceed to arraign Dr. Okowa and the other indicted persons in court in the coming weeks.

The ₦96bn case adds to the mounting legal troubles for the former governor, who was vice-presidential candidate of the PDP in the 2023 general elections.

Political observers in Delta say the defection to APC may have been a strategic move, but the EFCC has maintained that its investigations and prosecutions are not influenced by party affiliations.

Reaction In Delta

The report has sparked reactions across Delta State. While some PDP loyalists describe it as “political persecution”, civil society groups have called for a speedy and transparent trial.

“Nigerians deserve to know what happened to public funds. If the allegations are true, those involved must face the law,” a CSO leader in Asaba said.

As of press time, Dr. Okowa has not issued a formal statement on the latest EFCC findings.