The Economic and Financial Crimes Commission (EFCC) on Monday arrested former Delta State Governor Ifeanyi Okowa over allegations of diverting ₦1.3 trillion.
This substantial amount reportedly represents the 13% derivation fund from the federation account allocated between 2015 and 2023. The arrest took place at the EFCC office in Port Harcourt, Rivers State, where Okowa was detained following an invitation from investigators probing these allegations.
Sources within the commission revealed that Okowa is accused of failing to account for the funds and allegedly misappropriating another ₦40 billion, which he claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.
It is reported that he bought shares worth ₦40 billion in a major bank, representing an 8% equity stake, purportedly to support the offshore LNG project. Investigators are also examining claims that the former governor diverted funds to acquire estates in Abuja and Asaba, Delta State.
The EFCC spokesperson, Dele Oyewale, confirmed Okowa's arrest but refrained from providing further details, stating simply, "He is with us."
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