More facts have emerged on why the operatives of the Economic and Financial Crimes Commission (EFCC) arrested and detained the former Governor of Delta State, Ifeanyi Okowa.
According to a concluded investigation reports of the EFCC, one of the principal financial transactions examined involved approximately ₦96 billion linked to the Delta State Government House Protocol Department.
The investigation report stated that the funds were withdrawn from a Zenith Bank account operated in the name of the Delta State Government House Protocol Department. At the relevant time, the branch was reportedly managed by Mr. Monday Okowa,
senior manager at Zenith Bank who served as a representative for the bank’s management and later moved to PremiumTrust Bank as their Regional Head in Asaba. He is also a brother of the then Governor of Delta State, Dr. Ifeanyi Okowa.
The investigation reports indicate that the withdrawals were systematically structured in amounts generally ranging between ₦9 million and ₦9.9 million, with the apparent objective of keeping individual transactions below applicable reporting thresholds. On some occasions, the cumulative withdrawals reportedly amounted to ₦300 million in a single day.
According to the investigation report, 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The investigation further states that approximately 50% to 75% of the cash withdrawn was taken to Bureau de Change operators for conversion into United States dollars.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 investigation reports, Mr. Monday Okowa was detained and questioned by the EFCC. The reports state that he described the cash withdrawal process and indicated that the withdrawn funds were handed over to one Mr. Raymond Mgbakor, Executive Assistant on Special Duties to the then Delta State Governor, Ifeanyi Okowa
The investigation reports further state that Mr. Raymond Mgbakor was also detained by the EFCC and he admitted his involvement in the alleged fraudulent transactions, stating that he acted on behalf of the then Governor, Dr. Ifeanyi Okowa.
The investigation also involved Mr. Edwin Ogidi Gbagbaje, who served as Permanent Secretary, Government House, and Mr. Victor Udi, who later succeeded him. According to the investigation reports, both officials were detained by the EFCC regarding the alleged fraudulent transactions.
Based on the findings set out in the investigation reports, the EFCC prepared the following charges against Dr Okowa and all those involved in the fraud
- Conspiracy to commit money laundering;
- Diversion or misappropriation of public funds;
- Criminal breach of trust;
- Abuse of office; and
- Forgery or falsification of financial records.
These are grave criminal acts arising from the EFCC’s concluded investigations. Three days before they were supposed to be charged to court, Okowa and his accomplices hurriedly moved en masse from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) 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
It would be recalled that Okowa was arrested by the operatives of the EFCC on November 4, 2024, in Port Harcourt, shortly after he honoured an invitation from officials of the anti-graft agency, who investigated him over alleged corruption and fraud.
He was also investigated over alleged diversion of the sum of N1.3 trillion from the 13 per cent derivation fund belonging to the state. He was said to have committed the act between 2015 and 2023, as governor of the state.
When contacted, spokesman of the EFCC, Mr Dele Oyewale, confirmed the arrest but however, refused to comment on the issue.
“Yes, I can confirm he was arrested”, he said, but refused to respond to further questions.
