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The Economic and Financial Crimes Commission (EFCC) has arrested Ifeanyi Okowa, the former Governor of Delta State, over allegations of diverting ₦1.3 trillion from the 13% derivation fund allocated to Delta from the federation account between 2015 and 2023.
EFCC spokesperson Dele Oyewale confirmed the arrest to Channels Television on Monday, November 4, 2024. Okowa was detained when he reported to the EFCC’s Port Harcourt Directorate, responding to an invitation from investigators overseeing his case.
The former governor is accused of failing to account for the funds in question, as well as an additional ₦40 billion allegedly used to acquire shares in UTM Floating Liquefied Natural Gas (LNG). Okowa reportedly invested in shares valued at ₦40 billion in a leading Nigerian bank, amounting to an 8% equity stake, allegedly as part of plans to float the offshore LNG venture.
Further investigations suggest that the former governor may have diverted substantial funds to acquire real estate properties in Abuja and Asaba, Delta State.
Okowa is currently held at the EFCC’s holding facility in Port Harcourt as the investigation continues.
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