On November 4, 2024, EFCC detained Okowa over an alleged diversion of the “N1.3tn derivation fund.” The fund, a 13 percent derivation from the federation account, covered allocations from 2015 to 2023.
Officials claim that Okowa failed to account for the funds. They also allege he misappropriated another “N40bn” to buy shares in UTM Floating Liquefied Natural Gas.
Further, Okowa reportedly used “N40bn” to purchase an eight percent equity stake in a major Nigerian bank, intended to support offshore LNG.
According to sources at EFCC, Okowa appeared at the agency’s Port Harcourt office. Officials detained him but released him last Wednesday after he met his bail conditions.
One condition required Okowa to submit his travel documents until the investigation concludes.
“Okowa is no longer in our custody. He was released last Wednesday after meeting his bail conditions, which include depositing his travel documents with the commission, pending the conclusion of our investigations of the allegations against him.
“The sum allegedly is too huge to take risks. And what we have done is not out of place. This is to prevent anyone under investigation from jumping the bail they have been granted,” he said.
Follow us on Twitter for more news updates.
