OPERATIVES of the Economic and Financial Crimes Commission (EFCC) have arrested former Delta State Governor Ifeanyi Okowa for allegedly misappropriating N1.3 trillion from the 13% derivation fund sourced from the federation account between 2015 and 2023.
An EFCC source today, confirmed the former governor’s arrest.
Okowa was taken into custody on November 4, 2024, in Port Harcourt, Rivers State, after he reported to the EFCC’s Port Harcourt Directorate in response to an invitation from investigators handling his case.
He is accused of failing to account for these funds, as well as for an additional N40 billion that he allegedly claimed was invested in shares of UTM Floating Liquefied Natural Gas.
Specifically, it is alleged that Okowa purchased N40 billion worth of shares in one of the country’s major banks, representing an 8% equity stake intended to support the offshore LNG project. The funds are said to have been diverted for other uses.
Investigators are also looking into claims that the former governor misappropriated funds to acquire properties in Abuja and Asaba, Delta State.
He is currently being detained at the EFCC facility in Port Harcourt.
Recall that Okowa was the running mate of Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election.
