The Economic and Financial Crimes Commission (EFCC) has arrested Delta State’s former Governor, Ifeanyi Okowa, for allegedly diverting N1.3 trillion 13% derivation cash from the federation account between 2015 and 2023.
A source with the EFCC verified the former governor’s arrest on Monday.
Okowa was detained on Monday, November 4, 2024, in Port Harcourt, Rivers State, after reporting to the EFCC’s Port Harcourt Directorate at the request of detectives working on his case.
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The former governor was accused of failing to account for the cash, as well as an additional N40 billion that he claimed he used to purchase shares in UTM Floating Liquefied Natural Gas.
Okowa allegedly purchased N40 billion in shares of one of the country’s main banks, representing 8% equity in the offshore LNG project. The monies were allegedly used for other purposes.
Investigators are also looking into the former governor’s misuse of cash to purchase estates in Abuja and Asaba, Delta state.
He is being held at the EFCC holding facility in Port Harcourt.
Okowa served as Atiku Abubakar’s (PDP) presidential running mate in the 2023 election.
