The immediate past governor of Delta state, Ifeanyi Okowa, has been arrested by the Economic and Financial Crimes Commission (EFCC), on Monday in connection to an illegal N1.3 trillion diversion.
The amount represents the 13% oil derivation funds allocated from the Federation Account between 2015 and 2023.
Sources within the EFCC said that Okowa was detained at the commission’s office in Port Harcourt, Rivers State, following an invitation from investigators examining the allegations.
“He is also accused of failing to account for the funds, as well as an additional N40 billion that he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes,” a source was quoted on Monday.
“Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.”
Confirming the incident, Dele Oyewale, the spokesperson for the anti-graft agency, said, “He is with us.”
