Okowa Mismanaged N1trn Oil Derivation Fund, Edwin Clark Alleges

Chief Edwin Clark, an elder statesman and Ijaw leader has alleged that the immediate past Delta State Governor, Ifeanyi Okowa used the State’s 13 per cent derivation proceeds to fund his Premium Trust Bank Ltd and 13 companies linked to him.

He made the allegation on Arise Tv claiming that Okowa received over N1trillion from the Federal government as the balance of the 13 per cent derivatives earmarked for oil-producing states.

Clark alleged, “I wrote a letter to Okowa, the governor to account for the money he has been collecting. He didn’t care, he said he has been spending the money, the answer they gave me was he has spent N5bn in paying pensioners in the State. How does that come under 13 per cent? Are pensioners oil-producing pensioners? He also spent the money on building a university in his own village.

“So, I decided to employ a lawyer who went to the Account General of the Federation to obtain the certified copies of all the amount they paid to Delta State from 2007 to December 2022. We got a letter from the Accountant General’s Office listing everything. All that every oil-producing state has produced and have been paid.

“The one paid to Delta State came to N1.76trn. (Emmanuel) Uduaghan alone from 2007 to June 2015, received about N700bn, the balance was paid to Okowa because oil was coming very easily and prices were very high. So, what he was paid was N1 trillion. Instead of paying 50 per cent of the 13 per cent derivation to DESUPADEC according to Section 14 of the DESUPADEC which made it mandatory, he now held the entire 13 per cent dishing out and approving every contract DESUPADEC awarded.

“Instead of paying 50 per cent of the 13 per cent derivation to Delta State Oil Producing Areas Development Commission (DESOPADEC) according to Section 14 of the DESOPADEC which made it mandatory, he now held the entire 13 per cent dishing out installments and approving every contract DESUPADEC awarded.

“I said give me an account. So, I wrote him a second letter which I have already copied to the Economic and Financial Crimes Commission (EFCC). Governors are now wealthier than their states. He has a bank, and today most of our money has been paid into that bank. A two-year-old bank, Premium Bank. The Managing Director is one (Emmanuel) Emefienim from the same village as Okowa. His brother Monday Okowa who was in Zenith Bank is there this man (Okowa) has 13 companies and I mentioned them to him. I told him ‘You have been paying the 13 per cent to this account, 13 of them, but he denied them.

“We have written to him that the companies are private. Okowa has embezzled our money and he didn’t even account for it even in our annual budget. Is it part of the security fund?

Recall that the former Delta State governor had denied any involvement in the bank.

“We state categorically that neither Dr. Ifeanyi Okowa nor any of his associates are shareholders or directors in Premium Trust Bank whether directly or indirectly.

“For the records, PremiumTrust Bank was founded by our MD/CEO, Emmanuel Emefienim (an accomplished Banker with over 30 years top level experience) alongside seasoned and well diversified entrepreneurs who have distinguished themselves in various fields and endeavors. Please note that information on ownership and directorship of our Bank is in the public domain and available on our website,” the bank also said in a statement.

But Clark said, “He is a liar. I’m sorry to say this, but why is it that when he wanted the loan of N150bn from a number of banks of which Zenith Bank was to be the leader, he later said that Premium Bank should lead? Zenith Bank withdrew. His brother who worked in Zenith Bank is now the General Manager of Premium Bank.

“I want to ask a question, Premium Bank facilitated a loan, a two-year-old bank, who are the shareholders of the bank and how much do they have?”

Attempts to reach Okowa’s former Chief Press Secretary, Charles Ehiedu Aniagwu, for comment proved abortive as calls and text sent to him have not been responded to as at the time of filing the report.