Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former governor of Delta State, Ifeanyi Okowa, over alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
He was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter, THE METRO NEWSPAPER exclusively gathered.
Impeccable EFCC sources told this newspaper that “Okowa failed to render accounts of the N1.3 trillion derivation funds,” as well as “another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.”
EFCC documents obtained by THE METRO NEWSPAPER revealed that “Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG,” and “the funds were alleged to be used for other purposes.”
It was further revealed that EFCC investigators are also probing the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State.
When contacted over the development, the spokesperson for the EFCC, Dele Oyewale, confirmed that “Okowa is being held at the EFCC holding facility in Port Harcourt, Rivers State.” He, however, made no comments concerning the allegations.
Okowa was the vice-presidential candidate of the Peoples Democratic Party and running mate to former vice president Atiku Abubakar in the 2023 general elections.
Okowa, a trained medical doctor, served as the senator representing Delta North from 2011 to 2019. Before then, he served as the Secretary to the Delta State Government.
