The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa for allegedly diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.
An EFCC source verified the former governor’s arrest on Monday.
Okowa was detained on Monday, November 4, 2024, in Port Harcourt, Rivers State, after reporting to the EFCC’s Port Harcourt Directorate at the invitation of detectives handling his case.
The former governor was accused of failing to account for the cash, as well as another N40 billion, which he claimed he used to purchase shares in UTM Floating Liquefied Natural Gas.
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Specifically, Okowa allegedly purchased N40 billion in shares of one of the country’s main banks, representing 8% equity in the offshore LNG project. The monies were suspected to have been used for other reasons.
Investigators are also looking into the former governor’s diversion of funds to acquire estates in Abuja and Asaba, Delta state.
He is being imprisoned at the EFCC facility in Port Harcourt.
Okowa served as Atiku Abubakar’s running partner in the 2023 presidential election for the Peoples Democratic Party (PDP).
