The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa over alleged misappropriation of N1.3 trillion from the 13% derivation fund allocated from the federation account between 2015 and 2023.
An EFCC source confirmed the arrest on Monday, November 4, 2024. Okowa was taken into custody after reporting to the EFCC’s Port Harcourt Directorate, following an invitation related to the ongoing investigation.
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The former governor is accused of failing to account for the funds and allegedly misusing an additional N40 billion to acquire shares in UTM Floating Liquefied Natural Gas. Okowa reportedly invested N40 billion to secure an 8% stake in a leading bank, allegedly diverting funds intended for other purposes.
Investigators are also examining alleged fund diversions used to acquire properties in Abuja and Asaba, Delta State. Okowa is currently detained at the EFCC facility in Port Harcourt.
In the 2023 election, Okowa served as the vice-presidential candidate for the Peoples Democratic Party (PDP), running alongside Atiku Abubakar.
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