Former Delta State Governor Ifeanyi Okowa has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of misappropriating N1.3 trillion in derivation funds during his tenure from 2015 to 2023.
Okowa, who served as running mate to Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar in the 2023 election, was taken into custody on Monday, November 4, 2024, after responding to an EFCC summons at the commission’s Port Harcourt office in Rivers State.
According to a senior EFCC source who confirmed the arrest to Channels Television, the anti-graft agency is investigating multiple allegations of financial misconduct against the former governor. Key among these is the alleged mismanagement of N1.3 trillion in 13% derivation funds received from the federation account during his eight-year governorship.
The investigation also centers on a controversial N40 billion investment in UTM Floating Liquefied Natural Gas, where Okowa allegedly claimed to have acquired shares.
EFCC investigators allege that these funds were diverted for other undisclosed purposes. Specifically, the former governor is accused of using the money to purchase an 8% equity stake in a major Nigerian bank to float the offshore LNG project.
Additionally, the anti-corruption agency is probing allegations that Okowa diverted public funds to acquire extensive real estate properties in both Abuja, the federal capital, and Asaba, the Delta State capital.
The former governor is currently being held at the EFCC’s detention facility in Port Harcourt as investigations continue.
