The Economic and Financial Crimes Commission (EFCC) on Monday arrested former Delta State governor, Ifeanyi Okowa, in connection with an alleged diversion of N1.3 trillion in derivation funds.
The amount reportedly represents a 13 percent allocation from the federation account, meant for Delta State, between 2015 and 2023. Okowa was taken into custody at the EFCC’s Port Harcourt office in Rivers State after responding to an invitation from investigators.
A source within the EFCC disclosed that Okowa was detained following questioning related to the misuse of these funds. In addition to the N1.3 trillion, Okowa is also accused of misappropriating N40 billion, allegedly used to purchase shares in UTM Floating Liquefied Natural Gas and in a major Nigerian bank, representing an eight percent equity stake. The funds were reportedly diverted for personal investments rather than state development.
Further allegations against Okowa include the acquisition of real estate properties in Abuja and Asaba, Delta State, using public funds. Investigators are examining the origins of the funds used to acquire these assets, as they suspect a link to the misappropriated derivation funds. The investigation aims to uncover the extent of the alleged financial misconduct during Okowa’s tenure as governor.
EFCC’s spokesperson, Dele Oyewale, confirmed Okowa’s arrest but refrained from offering additional details on the case. The former governor is currently being held at the EFCC holding facility in Port Harcourt as investigations continue.
