November 04, (THEWILL) – The Economic and Financial Crimes Commission, EFCC, has taken a former Delta State Governor, Senator Ifeanyi Okowa, into custody in Port Harcourt, Rivers State over alleged misappropriation/embezzlement of billions of naira belonging to the state during his tenure.
A source familiar with the matter told THEWILL, asking to not be identified.
The source said the 2023 Vice Presidential candidate of the Peoples Democratic Party (PDP) was arrested on Monday, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.
The former governor allegedly diverted the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
While Okowa is alleged to have diverted Delta public funds to acquire estates in Abuja and Asaba, THEWILL recalls that Chief Edwin Clark, a former federal commissioner of information, had accused the former governor of misappropriating N1.760 trillion of the 13 percent oil derivation fund for Delta state.
The 13 percent derivation fund comes from the federation account to oil-producing communities through state governments as contained in section 162 (2) of Nigeria’s 1999 Constitution (as amended).
Specifically, chief Clark, the convener of the Pan-Niger Delta Forum (PANDEF), had in a letter addressed to the chairman of the EFCC, Ola Olukoyede, alleged of fraudulent claims by Okowa in the acquisition of shares in UTM Floating Liquefied Natural Gas.
Dated 23rd April 2024, the letter titled “RE: EMBEZZLEMENT OF THE 13% O1L DERIVATION FUND AGAINST THE FORMER EXECUTIVE GOVERNOR OF DELTA STATE SENATOR (DR) IFEANYI ARTHUR OKOWA, AN ADDENDUM TO THE EARLIER PETITION DATED 30TH MAY, 2023”, reads:
The above subject matter refers.
As an addendum to my earlier petition to your noble and reputable Commission dated 30th May, 2023, I wish to passionately draw your attention to other fresh revelations and facts which I believe strongly buttress the pathetic Executive recklessness of the former Executive Governor of Delta State Senator (Dr) Ifeanyi Arthur Okowa in respect of the misappropriation of the 13% oil derivation fund to Delta State.
It is very disheartening and callous to note that in January 2022 the Executive/House of Assembly approved the buying of 3% shares which amounted to 20 Billion Naira borrowed at an interest rate of 21%. I was made to understand that the project was for the UTM floating Liquefied Natural Gas, however, it is unfortunate that with such magnitude of a contract, there was no feasibility studies carried out as same was not listed on the stock exchange and for a private concern not functional till date.
It is was crystal clear that the futuristic investment was used as a special purpose vehicle to launder funds by the Former Executive Governor of Delta State Senator (Dr) Ifeanyi Arthur Okowa. However, upon the assumption of office by the present Executive Governor of Delta State His Excellency Sheriff Oboroworie. It was discovered that 8% was the total amount approved which means that there was an earlier purchase of 5% which was not disclosed to the public.
I also noticed that the 20 Billion Naira added to the 100 Billion Naira Borrowed from the Premium Trust Bank which was put together as a consortium as refunds for the 240 Billion Naira oil derivation funds which the Federal Government is paying installmently to the Delta State Government. I understood that so far the sum of N120 Billion Naira has been borrowed against this funds and this is not reflected anywhere in the Oil Producing local Government Areas in Delta State.
It is on record that the Nigeria National Petroleum Corporation (NNPC) has just bought 20% share in the said UTM contract after declaring over two trillion profit. The implication is that since 2022 the Delta State Government have been paying Capital and Interest without any meaningful returns to the State while the sum of N200 Million Naira was also paid as administrative charges to the Fidelity Bank PLc.
I am not unmindful of other petitions that have been written to your office by other concerned Deltans but were deliberately suppressed by your immediate predecessor in office, consequently its therefore necessary for you to call and/or revisit the file which directly affect Senator (Dr) Ifeanyi Arthur Okowa, Mr Tony Okowa the Chairman of Delta Sports Commission and the former Executive Governor’s daughter Marilyn Okowa who was running Michael and Marilyn Foundation (NGO) while being part of the Government during the period.
It is in view of the above that we passionately appeal to your good office as the Chairman of the Economic and Financial Crimes Commission to thoroughly investigate the said petitions and save Delta State from being perpetually drained by the obvious Executive recklessness of the immediate past Governor of Delta State.
While thanking you for your Cooperation, Please accept the assurances of my best regards.
