Agents from the Economic and Financial Crimes Commission, EFCC, have apprehended the ex-Governor of Delta State, Ifeanyi Okowa, for purportedly misappropriating N1.3 trillion from the 13% derivation fund belonging to the federation account between the years 2015 and 2023.
Okowa was taken into custody in Port Harcourt, Rivers State, after he appeared at the Port Harcourt Directorate of the EFCC following an invitation from the investigators overseeing the case.
The former Governor is accused of not providing an account for the allocated funds, as well as another 40 billion naira he allegedly claimed to have invested in shares of UTM Floating Liquefied Natural Gas. He is also accused of purchasing shares worth 40 billion naira in one of the nation’s prominent banks, representing 8% equity to finance the offshore LNG project. There are further allegations that the funds were diverted for alternate uses.
Authorities are also examining the former Governor’s alleged misdirection of funds to acquire properties in Abuja and Asaba, located in Delta State.
Okowa is currently detained at the EFCC holding facility in Port Harcourt.
He served as the governor of Delta State from 2015 until 2023, after which he was succeeded by Sheriff Oborevwori.