By Oscar Okhifo
Fresh details from an alleged Economic and Financial Crimes Commission (EFCC) investigation have raised new questions over the corruption allegations against former Delta State Governor, Senator Ifeanyi Okowa, with about ₦96 billion in cash withdrawals reportedly linked to an account operated by the Delta State Government House Protocol Department.
The development comes nearly two years after Okowa was arrested by the EFCC over alleged diversion and mismanagement of about ₦1.3 trillion in 13 per cent derivation funds received by Delta State between 2015 and 2023.
Okowa, who served as governor from 2015 to 2023 and was the Peoples Democratic Party (PDP) vice-presidential candidate in the 2023 election, defected to the ruling All Progressives Congress (APC) in April 2025 alongside Delta State Governor Sheriff Oborevwori and other political leaders. He is now an APC senatorial candidate.
The emergence of the alleged ₦96 billion cash trail is significant because it comes after months of relative silence over the EFCC’s investigation, fuelling renewed questions about the status of the case.
According to the purported investigation report, one of the major transactions examined by the commission involved approximately ₦96 billion withdrawn from a Zenith Bank account operated in the name of the Delta State Government House Protocol Department.
The report alleged that the withdrawals were structured into individual transactions generally ranging from ₦9 million to ₦9.9 million. Investigators reportedly considered the pattern significant because keeping individual withdrawals within that range could have helped avoid applicable reporting thresholds.
Despite the relatively small size of individual transactions, the report alleged that cumulative withdrawals on some days reached as much as ₦300 million.
It further alleged that between ₦200 million and ₦300 million in cash was delivered daily to the Government House, although the exact amount varied from day to day.
According to the report, between 50 and 75 per cent of the withdrawn cash was subsequently taken to Bureau de Change operators for conversion into United States dollars.
One of those reportedly questioned by the EFCC was Monday Okowa, a senior Zenith Bank manager who, according to the report, represented the bank’s management at the branch where the account was operated.
Monday Okowa later moved to PremiumTrust Bank, where he reportedly served as Regional Head in Asaba. He is also a brother of the former governor.
The purported report stated that Monday Okowa was detained and questioned by EFCC operatives over the transactions. He allegedly explained how the withdrawals were processed and told investigators that the cash was handed over to Raymond Mgbakor, who served as Executive Assistant on Special Duties to the then governor.
Mgbakor was also reportedly detained and questioned. The report alleged that he admitted involvement in the transactions and told investigators that he acted on behalf of Okowa.
The investigation also reportedly involved Edwin Ogidi Gbagbaje, who served as Permanent Secretary, Government House, and Victor Udi, who later succeeded him. Both officials were said to have been detained by the EFCC in connection with the transactions.
Based on the purported findings, the commission reportedly prepared allegations against Okowa and the other individuals allegedly linked to the transactions. The allegations included 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.
However, the allegations remain unproven. No court has convicted Okowa or any of the other persons named in the purported report over the alleged ₦96 billion transactions.
₦1.3tn Investigation
The latest allegations revive the broader investigation that first brought Okowa into the EFCC’s spotlight in November 2024.
He was taken into custody by EFCC operatives in Port Harcourt on November 4, 2024, after honouring an invitation to answer questions over the alleged diversion and mismanagement of about ₦1.3 trillion in 13 per cent derivation funds received by Delta State during his tenure.
The investigation became one of the most closely watched corruption cases involving a former governor. However, as of June 2026, reports indicated that no charges had been filed against Okowa.
In June, Okowa reportedly visited the EFCC’s Lagos office over the release of his international passport for a planned trip abroad. The visit was initially interpreted in some quarters as a fresh arrest, but a subsequent fact-check found no evidence that he had been re-arrested.
EFCC Rejects Political Shield Allegation
Okowa’s defection from the PDP to the APC in April 2025 generated speculation that his new political affiliation could influence the corruption investigation.
Critics questioned the apparent lull in public updates on the case and alleged that the former governor might have benefited from political protection after joining the ruling party.
The EFCC has repeatedly rejected such claims.
In October 2025, the commission said the investigation remained active and insisted that political affiliation would not determine whether a suspect was investigated or prosecuted. It also maintained that nobody was being shielded and that the appropriate legal action would follow once investigations were concluded.
The Human Rights Writers Association of Nigeria (HURIWA) renewed those concerns in May 2026, calling on the EFCC to clarify the status of the investigation and arguing that the lack of visible prosecution had fuelled suspicion about the handling of the case.
The emergence of the alleged ₦96 billion transactions could therefore put renewed focus on the commission’s assurances that the investigation had not been abandoned.
When contacted over Okowa’s arrest in November 2024, EFCC spokesman Dele Oyewale confirmed the arrest but declined to discuss details of the investigation.
“Yes, I can confirm he was arrested,” Oyewale said.
The EFCC has yet to publicly confirm the specific ₦96 billion allegations contained in the purported investigation report or announce formal charges against Okowa and the other individuals named in connection with the alleged transactions.
Okowa and the other persons named in the report have also not publicly responded to the latest allegations as of the time of filing this report.