Anti-corruption officials from the Economic and Financial Crimes Commission (EFCC) have arrested former Delta State Governor, Ifeanyi Okowa, over claims he misappropriated N1.3 trillion in derivation funds from the federation account between 2015 and 2023. These funds represented 13% of the state’s allocation.
According to a Channels TV report, Okowa was taken into custody on Monday, 4 November 2024, in Port Harcourt, Rivers State. He had arrived at the Port Harcourt office of the EFCC in response to an invitation from investigators handling his case.
The allegations against the former governor are twofold: failing to account for these derivation funds, and questionable handling of an additional N40 billion, which he claimed was used to purchase shares in UTM Floating Liquefied Natural Gas.
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More specifically, Okowa is accused of buying N40 billion worth of shares (representing 8% equity) in a major Nigerian bank to establish the offshore LNG project. Investigators suspect these funds may have been used for other purposes.
The commission’s investigation centres on the N1.3 trillion in derivation funds Delta State received from the federation account during Okowa’s tenure from 2015 to 2023.
The EFCC is also investigating claims that the former governor diverted funds to acquire properties in Abuja and Asaba, Delta State.
Currently, Okowa is being detained at the EFCC’s facility in Port Harcourt.
It’s worth noting that Okowa served as Atiku Abubakar’s vice presidential running mate in the 2023 presidential election, representing the Peoples Democratic Party (PDP).
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