The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa over allegations of diverting N1.3 trillion from the 13% derivation fund allocated from the federation account between 2015 and 2023.
According to a source within the EFCC, Okowa was taken into custody on Monday, November 4, 2024, after he appeared at the Port Harcourt Directorate of the EFCC, responding to an invitation from investigators.
The former governor is accused of failing to account for the funds and of allegedly misappropriating an additional N40 billion, reportedly used to purchase shares in UTM Floating Liquefied Natural Gas.
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Specifically, he is alleged to have acquired shares worth N40 billion in a prominent Nigerian bank, representing an 8% equity stake in the offshore LNG project, though the funds were purportedly intended for other uses.
The EFCC is also investigating claims that Okowa diverted funds to acquire properties in Abuja and Asaba, Delta State. Currently, he is being held at the EFCC facility in Port Harcourt.
Okowa previously served as the running mate to Atiku Abubakar, the People’s Democratic Party (PDP) presidential candidate in the 2023 election.
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