The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa over allegations of misappropriating N1.3 trillion in derivation funds from the federation account between 2015 and 2023. The arrest occurred on Monday when Okowa visited the EFCC office in Port Harcourt, Rivers State, following an invitation related to the ongoing investigation into the alleged diversion of funds.
Sources within the EFCC stated that Okowa is also accused of failing to account for an additional N40 billion reportedly used to purchase shares in UTM Floating Liquefied Natural Gas (LNG) and a prominent Nigerian bank, representing eight percent equity for an offshore LNG venture. The funds in question are believed to have been allocated for other uses rather than their intended purposes.
Investigators are further examining Okowa’s acquisition of several estates in Abuja and Asaba, Delta State, as part of the probe into potential misuse of public funds. He is currently held at the EFCC holding facility in Port Harcourt.
EFCC spokesperson Dele Oyewale confirmed Okowa’s arrest but refrained from providing further details on the ongoing investigation.
