The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa over allegations of diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.
The arrest was confirmed by an EFCC source to Okay.ng on Monday.
Okowa was detained on November 4, 2024, after reporting to the EFCC’s Port Harcourt Directorate in Rivers State at the invitation of investigators handling the case.
According to allegations, the former governor failed to account for the N1.3 trillion fund, as well as an additional N40 billion, which he purportedly used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).
Reports suggest that Okowa allegedly invested N40 billion in one of Nigeria’s major banks, securing an 8% equity stake to help launch the offshore LNG project. However, the funds are suspected to have been redirected for unrelated purposes.
Investigators are further probing Okowa’s alleged diversion of public funds to acquire estates in Abuja and Asaba in Delta State.
Okowa is currently being held at the EFCC holding facility in Port Harcourt as investigations continue.
The former governor served as the running mate to Atiku Abubakar, the Peoples Democratic Party (PDP) presidential candidate, in the 2023 election.
