The Economic and Financial Crimes Commission (EFCC) has arrested the former Delta State Governor, Ifeanyi Okowa on accusations of diverting N1.3 trillion in funds.
It was gathered that the alleged N1.3 trillion includes the 13% derivation fund allocated from the federation account between 2015 and 2023.
According to sources, Okowa appeared at the EFCC’s Port Harcourt office in Rivers State, where officials subsequently took him into custody.
The former governor is also under investigation for allegedly using N40 billion to acquire shares in UTM Floating Liquefied Natural Gas, a project by UTM Offshore Limited based in Akwa Ibom State.
A source within the EFCC stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.
“Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.”
When contacted, EFCC spokesperson Dele Oyewale confirmed the arrest but offered no additional details, saying only, “He is with us.”
Ifeanyi Okowa, who governed Delta State from 2015 to 2023, was succeeded by Sheriff Oborevwori.
KanyiDaily recalls that the Delta State Government recently refuted claims of a dispute between the current Governor, Sheriff Oborevwori, and his predecessor, Ifeanyi Okowa.
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