Operatives of the Economic and Financial Crimes Commission (EFCC) arrested former Delta State Governor Ifeanyi Okowa on Monday over the alleged diversion of N1.3 trillion in derivation funds.
The N1.3 trillion represents 13 percent of the derivation funds from the federation account between 2015 and 2023.
Sources within the commission confirmed that Okowa was detained at the EFCC office in Port Harcourt, Rivers State, after being arrested by EFCC officials.
One of the sources said, “Okowa was at our Port Harcourt office following the invitation of the investigators probing the allegations against him. He was then arrested.”
Another source added, “He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
“He also allegedly bought shares of N40bn in one of the major banks in the country, representing eight per cent equity to float the offshore LNG. The funds were alleged to be used for other purposes.
“Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State.
“He is being held at the EFCC holding facility in Port Harcourt.”
When contacted, the EFCC’s spokesperson, Dele Oyewale, confirmed his arrest but declined further comments on the matter.
