Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Governor of Delta State, Ifeanyi Okowa, over the alleged diversion of N1.3 trillion from the 13% derivation fund in the federation account between 2015 and 2023.
An EFCC source confirmed the former governor’s arrest on Monday.
Okowa was taken into custody on Monday, 4 November 2024, in Port Harcourt, Rivers State, after he reported to the Port Harcourt Directorate of the EFCC following an invitation from investigators handling his case.
The former governor is alleged to have failed to account for the funds, as well as an additional N40 billion, which he reportedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.
Specifically, Okowa is accused of purchasing shares worth N40 billion in a major Nigerian bank, representing an 8% equity stake to support the offshore LNG project. The funds are alleged to have been redirected for other purposes.
Investigators are also examining the alleged diversion of funds by the former governor to acquire properties in Abuja and Asaba in Delta State.
He is currently being held at the EFCC holding facility in Port Harcourt.
Okowa was the running mate of Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), in the 2023 election.