Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested former Delta State Governor Ifeanyi Okowa over allegations of diverting N1.3 trillion, which reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.
Sources within the EFCC revealed that Okowa was invited to the commission’s office in Port Harcourt, Rivers State, where he was subsequently detained for questioning. “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested,” said one source.
The former governor is accused of failing to account for the N1.3 trillion derivation fund as well as an additional N40 billion allegedly invested in shares to support an offshore LNG project. The funds, reportedly used to purchase an 8% equity stake in one of Nigeria’s major banks for UTM Floating Liquefied Natural Gas, are suspected to have been diverted for other purposes.
Investigators are also scrutinizing alleged transactions linked to Okowa for the acquisition of estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.
When reached for comment, EFCC spokesperson Dele Oyewale confirmed Okowa’s arrest but declined to provide further details.
 have arrested former Delta State Governor Ifeanyi Okowa over allegations of diverting N1.3 trillion, which reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.){kind=link}