The Ifeanyi Okowa case has resurfaced in national focus, as the Economic and Financial Crimes Commission (EFCC) emphasises that its investigation into the alleged diversion of ₦1.3 trillion in derivation funds remains alive and active. According to the agency, the case is not being down-played despite political shifts.

Okowa, who served as governor of Delta State from 2015 to 2023, was arrested in November 2024 over the alleged diversion of funds meant for oil-derivation payments to the state.

The gist of the matter centres on funds meant for oil-producing states. According to reports, Okowa is accused of diverting ₦1.3 trillion in derivation funds during his tenure.According to Sharareporters

 The diversion is said to involve investment in companies such as the UTM Floating Liquefied Natural Gas Company, among other oil-sector entities.

During a press briefing, EFCC officials stressed they would not rush the case:

“To the best of my knowledge, that case is still undergoing investigation. And in due course, justice will be served.” as per report to According to Sharareporters

They highlighted the complexity of investigating high-profile public office holders, particularly over multi-year fund flows and asset trails.

Okowa’s defection from the People’s Democratic Party (PDP) to the All Progressives Congress (APC) earlier this year has added a political dimension to the investigation. Some critics alleged that the transition may have influenced the speed or transparency of the probe.

However, the EFCC reiterated that no individual enjoys immunity from scrutiny due to political affiliation or party switch

“There’s no attempt or intention anywhere to shield anybody on account of switching parties — certainly not under this chairman.” 

In addressing public concerns, the agency emphasised its commitment to fairness and thoroughness, correcting previous instances where investigations were perceived as rushed and potentially weak.

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What This Means for Delta State and Beyond

For Delta State, the alleged diversion of ₦1.3 trillion  a massive sum in the context of regional funding raises serious questions about accountability and oversight of derivation funds. These funds are critical for infrastructure, social services and local development in oil-producing regions.

Analysts say a drawn-out investigation could impact investor confidence and governance standards in states with similar revenue dynamics. Meanwhile, the EFCC’s handling of the case is being closely watched as a barometer for how Nigeria deals with high-profile corruption by former public office holders. According to Sharareporters

While the probe continues, the EFCC’s stance is clear: diligence over haste. As one official put it:

“When you are up against politically exposed persons, it is not a tea party. It takes time.” 

As the investigation marches on, Nigerians await the day when transparency and justice will finally align for the benefit of the public interest.