The Economic and Financial Crimes Commission (EFCC) has detained former Delta State Governor Ifeanyi Okowa for allegedly misappropriating N1.3 trillion from the 13% derivation fund between 2015 and 2023.
This fund, allocated from the federation account, was intended for the state’s development. An EFCC source confirmed his arrest to Channels Television on Monday, November 4, 2024.
Okowa was reportedly apprehended in Port Harcourt, Rivers State, when he responded to an invitation from EFCC investigators.
The former governor faces allegations of failing to provide an account of these funds, as well as an additional N40 billion he purportedly invested in shares of UTM Floating Liquefied Natural Gas (LNG). The funds allegedly financed shares in a major Nigerian bank, representing an 8% stake in the LNG project, rather than their intended purposes.
In addition, investigators are probing accusations that Okowa diverted funds to acquire properties in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt. Okowa previously served as the running mate to Atiku Abubakar, the Peoples Democratic Party (PDP) presidential candidate in the 2023 election.
