Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Governor of Delta State, Ifeanyi Okowa, for alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.
The former governor was alleged to have failed to account for the funds and another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
Specifically, Okowa allegedly bought shares worth N40 billion in one of the country’s major banks, representing 8% equity, to float the offshore LNG. The funds were alleged to be used for other purposes.
