Rivers State, Nigeria – The Economic and Financial Crimes Commission (EFCC) has detained Delta State’s former governor, Ifeanyi Okowa, over allegations of fraud related to derivation funds during his administration.
It is claimed that Okowa diverted N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.
Sources indicate that the former governor was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, after reporting to the Port Harcourt Directorate of the EFCC at the invitation of investigators handling his case.
Okowa is accused of failing to account for these funds, as well as an additional N40 billion that he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.
Specifically, he is said to have purchased shares worth billions in one of the major banks in the country, representing 8% equity to establish the offshore LNG project.
The funds were purportedly used for other purposes.
Investigators are also examining potential diversions of funds by the former governor to acquire properties in Abuja and Asaba, Delta State, during his tenure.
He is currently being held at the EFCC facility in Port Harcourt.
