Officials of the Economic and Financial Crimes Commission (EFCC) have arrested the former Governor of Delta State, Senator Ifeanyi Okowa for alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
This was confirmed by the Spokesperson for the EFCC, Dele Oyewale on Monday on Channels Television.
He stated that the PDP chieftain 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 former governor was alleged to have failed to render accounts of the funds as well as another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
Specifically, Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were alleged to be used for other purposes.
Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta state.
