20241104 201107

EFCC Detains Ex-Delta Gov Okowa Over Alleged ₦1.3trn Fund Diversion

Kehinde Fajobi

Former Delta State Governor Ifeanyi Okowa was detained by the Economic and Financial Crimes Commission (EFCC) on Monday, November 4, 2024, in Port Harcourt.

He was reported to be detained over allegations of diverting ₦1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.

A source within the EFCC confirmed Okowa’s arrest to Channels Television, noting that the former governor turned himself in to the EFCC’s Port Harcourt Directorate following an invitation from investigators handling the case.

Okowa is accused of failing to account for the 13% derivation funds as well as an additional ₦40 billion allegedly used to acquire shares in UTM Floating Liquefied Natural Gas.

The former governor reportedly used part of the funds to purchase shares worth ₦40 billion in a major bank, representing an 8% equity stake, to support the LNG project. Investigators allege that these funds were redirected for other purposes.

Additionally, Okowa is under investigation for alleged misappropriation of funds to acquire properties in Abuja and Asaba, Delta State.

He is currently being held at the EFCC’s facility in Port Harcourt.

Okowa previously served as the running mate to Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), in the 2023 election.