Former Delta State Governor Ifeanyi Okowa has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of siphoning a staggering N1.3 trillion from the 13% derivation fund between 2015 and 2023. Okowa was reportedly detained on Monday, November 4, at the EFCC’s Port Harcourt Directorate, where he had appeared at the investigators’ request.
Sources allege that Okowa failed to account for the massive funds allocated from the federation account to Delta State during his tenure. Additional accusations suggest that the ex-governor may have diverted another N40 billion to acquire an 8% equity stake in a major Nigerian bank in connection with the UTM Floating Liquefied Natural Gas project. These funds, initially meant for state development, were allegedly used for unauthorized investments and luxury assets.
Reports indicate that EFCC investigators are scrutinizing Okowa’s acquisition of estates in Abuja and Asaba, suspected to have been funded by diverted state resources. The former governor is currently held in the EFCC’s Port Harcourt facility as the investigation unfolds. When contacted, EFCC spokesperson Dele Oyewale confirmed Okowa’s detention but declined to provide further details, citing ongoing investigations.
In a parallel development, Nigerian-British cybersecurity expert Dr. Kingsley Chibuzor Aguoru has sounded a red alert on the country’s vulnerable online payment systems. In a strongly worded petition to the EFCC and Central Bank of Nigeria (CBN), Aguoru called for an immediate ban on the use of card PINs for online transactions, warning that it exposes Nigerians to alarming levels of cyber fraud.
Dr. Aguoru, a respected figure in financial technology with over 20 years of experience, warned that Nigeria’s reliance on card PINs for online payments is outdated and dangerous. According to him, card PINs are designed for secure face-to-face transactions, such as at ATMs and POS terminals, and are highly susceptible to phishing and hacking when used online.
Aguoru, who pioneered OTP-based security in the UK, criticized Nigerian payment platforms like Paystack, Flutterwave, and Interswitch for continuing to require PINs, arguing that global practices rely on OTPs or Multi-Factor Authentication (MFA) to secure online payments. He also advocated for hardware card readers as an alternative solution, allowing users to enter their PIN on a secure offline device to generate an OTP for transactions.
In his petition, Aguoru urged the CBN to ban web PIN entry for card payments and mandate OTP or MFA authentication across all Nigerian payment providers. He emphasized that without immediate action, Nigerians are at high risk from cyber threats, including phishing and man-in-the-middle attacks.
“The CBN must address this urgently to protect consumers,” Aguoru warned. “This is not just about modernization; it’s about safeguarding Nigerians from preventable financial losses.”
