…Investigation into Multi-Billion Naira Investments Launched
The Economic and Financial Crimes Commission, EFCC, has arrested former Governor of Delta State, Ifeanyi Okowa, for alleged misappropriation of public funds totalling N1.3 trillion from the 13 per cent oil derivation fund.
The arrest happened on Monday, 4 November 2024.
Okowa, who served as the vice-presidential candidate to former Vice President Atiku Abubakar under the Peoples Democratic Party in the 2023 general elections, was detained at the EFCC’s Port Harcourt office after he honoured an invitation from the investigators handling the case.
EFCC spokesman, Dele Oyewole, reportedly verified the arrest, stating, “Okowa was taken into custody at the Port Harcourt division.”
The former governor is accused of failing to render an account for N1.3 trillion, funds allegedly diverted during his tenure as governor between 2015 and 2023.
Additionally, Okowa is said to have acquired N40 billion worth of shares in UTM Floating Liquefied Natural Gas Company, representing eight per cent equity in a major Nigerian bank, to facilitate the offshore LNG project. Reports indicate that the funds may have been diverted for personal investments and property acquisition.
Investigations have also extended to properties purportedly owned by Okowa in Abuja and Asaba, Delta State.
The former governor is currently being held at its Port Harcourt holding facility as investigations continue.
The development comes as part of the agency’s intensified efforts to tackle corruption and ensure accountability among public officeholders.
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