Operatives of the Economic and Financial Crimes Commission, on Monday, arrested a former governor of Delta State, Ifeanyi Okowa, over the alleged diversion of N1.3tn derivation fund.
The N1.3trn amounted to a 13 per cent derivation fund from the federation account between 2015 and 2023.
According to sources in the commission, Okowa was at the EFCC office in Port Harcourt, Rivers State and was subsequently arrested by officials of the commission.
One of the sources said, “Okowa was at our Port Harcourt office following the invitation of the investigators probing the allegations against him. He was then arrested.”
Another source added, “He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
“He also allegedly bought shares of N40bn in one of the major banks in the country, representing eight per cent equity to float the offshore LNG. The funds were alleged to be used for other purposes.
“Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State.
“He is being held at the EFCC holding facility in Port Harcourt.”
When contacted, the EFCC’s spokesperson, Dele Oyewale, confirmed his arrest but declined further comments on the matter.
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