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 meant for Delta State between 2015 and 2023. Okowa, who was also the 2023 Vice Presidential candidate for the Peoples Democratic Party (PDP), reported to the EFCC’s Port Harcourt Directorate on November 4, 2024, where he was taken into custody.
Okowa’s arrest was confirmed to Channels Television on Monday by the Spokesperson for the EFCC, Dele Oyewale.
He stated that the PDP chieftain was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.
The former governor was alleged to have failed to render accounts of the funds as well as another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
Specifically, Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were alleged to be used for other purposes.
Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta state.
According to EFCC spokesperson Dele Oyewale, Okowa is accused of mismanaging funds meant for Delta State’s development, including an alleged N40 billion used to acquire an 8% equity stake in UTM Floating Liquefied Natural Gas (LNG) through shares in a major Nigerian bank. Additional allegations include the purchase of properties in Abuja and Asaba, Delta State.
The EFCC continues to investigate these claims, and Okowa remains at their holding facility in Port Harcourt. This arrest highlights ongoing efforts by the EFCC to address alleged financial misappropriation among public officials in Nigeria.
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