Fresh details from an alleged Economic and Financial Crimes Commission (EFCC) investigation have placed former Delta State Governor, Senator Ifeanyi Okowa, under renewed scrutiny over reported cash withdrawals totalling about ₦96 billion from an account linked to the Delta State Government House Protocol Department.
The development comes nearly two years after Okowa was arrested by the EFCC over allegations involving the diversion and mismanagement of about ₦1.3 trillion in 13 per cent derivation funds received by Delta State between 2015 and 2023.
Okowa, who governed Delta State from 2015 to 2023 and served as the Peoples Democratic Party (PDP) vice-presidential candidate in the 2023 presidential election, defected to the ruling All Progressives Congress (APC) in April 2025 alongside Governor Sheriff Oborevwori and other political leaders. He is currently an APC senatorial candidate.
The latest development is contained in a purported EFCC investigation report, which has not been publicly authenticated by the commission.
How the Alleged ₦96bn Cash Withdrawals Were Made
According to the purported report, investigators examined approximately ₦96 billion allegedly withdrawn from a Zenith Bank account operated in the name of the Delta State Government House Protocol Department.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 broken down into individual transactions generally ranging between ₦9 million and ₦9.9 million.
Investigators reportedly considered the transaction pattern significant, alleging that the structuring of withdrawals below certain thresholds may have been intended to avoid applicable reporting requirements.
Despite the relatively small size of individual transactions, the purported investigation report alleged that the cumulative withdrawals on some days reached between ₦200 million and ₦300 million.
It further alleged that substantial amounts of cash were delivered daily to the Government House, with the exact figure varying from day to day.
The report also claimed that between 50 and 75 per cent of the withdrawn cash was subsequently taken to Bureau de Change operators for conversion into United States dollars.
Bank Manager, Government House Officials Questioned
Among those reportedly questioned by EFCC investigators was Monday Okowa, a senior Zenith Bank manager who, according to the purported 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 Delta State governor.
The purported report alleged that Monday Okowa was detained and questioned over the transactions. It claimed that he 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.
According to the purported report, Mgbakor allegedly admitted involvement in the transactions and told investigators that he acted on behalf of Okowa.
The investigation reportedly also involved Edwin Ogidi Gbagbaje, who served as Permanent Secretary, Government House, and Victor Udi, who later succeeded him.
Both officials were reportedly detained by the EFCC in connection with the transactions.
Allegations Prepared Against Okowa, Others
Based on the purported findings, the commission allegedly prepared allegations against Okowa and other individuals linked to the transactions.
The alleged offences 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. There is no indication that Okowa or any of the other persons named in the purported report has been convicted by a court over the alleged ₦96 billion transactions.
The EFCC has also not publicly confirmed the specific ₦96 billion allegations contained in the purported report.
The ₦1.3tn Investigation
The latest allegations revive the wider EFCC investigation that brought Okowa into the commission’s spotlight in November 2024.
Okowa was taken into custody by EFCC operatives in Port Harcourt on November 4, 2024, after honouring an invitation to answer questions concerning the alleged diversion and mismanagement of approximately ₦1.3 trillion in 13 per cent derivation funds received by Delta State during his tenure.
The case subsequently became one of the most closely watched corruption investigations involving a former Nigerian governor.
However, reports as of June 2026 indicated that no charges had been filed against Okowa in connection with the investigation.
In June, Okowa reportedly visited the EFCC’s Lagos office over the release of his international passport for a planned trip abroad. The development 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 Denies Political Protection
Okowa’s defection from the PDP to the APC in April 2025 triggered speculation that his new political affiliation could influence the corruption investigation.
Critics questioned the apparent lack of visible progress in 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 would be investigated or prosecuted.
The commission maintained that nobody was being shielded and that appropriate legal action would be taken once investigations were concluded.
The Human Rights Writers Association of Nigeria (HURIWA) renewed calls for clarity in May 2026, urging the EFCC to disclose the status of the investigation and arguing that the absence of visible prosecution had fuelled public suspicion.
EFCC Yet to Confirm ₦96bn Allegation
When contacted over Okowa’s arrest in November 2024, EFCC spokesman Dele Oyewale confirmed that the former governor had been arrested but declined to disclose details of the investigation.
“Yes, I can confirm he was arrested,” Oyewale said at the time.
As of the time of filing this report, the EFCC had not publicly confirmed the specific ₦96 billion cash-withdrawal allegations contained in the purported investigation report, nor announced formal charges against Okowa or the other individuals named in connection with the alleged transactions.
Okowa and the other persons mentioned in the purported report have also not publicly responded to the latest allegations.
The emergence of the alleged ₦96 billion cash trail is nevertheless likely to renew attention on the long-running EFCC investigation and intensify calls for the commission to clarify the status of the case.