On Monday, the Economic and Financial Crimes Commission detained former Delta State Governor Ifeanyi Okowa for allegedly diverting N1.3 trillion.
According to reports, the N1.3 trillion equals 13% of the federation account’s derivation fund between 2015 and 2023.
According to commission sources, Okowa was in the EFCC’s office in Port Harcourt, Rivers State, when officials apprehended him.
According to one of the individuals, “Okowa came to our Port Harcourt office after being invited by detectives looking into the charges against him. He was subsequently arrested. The commission is probing him for the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.
“Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.”
When contacted, EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined further comment on the matter.
“He is with us,” Oyewale simply said.
