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NEWS

EFCC arrests former Delta State Governor Ifeanyi Okowa over alleged N1.3 Trillion fund diversion

November 4, 2024 • 1 min read

November 04, 2024

By Samuel Ogunsona

The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor, Ifeanyi Okowa, over allegations of diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023 .

Okowa, who served as Governor from 2015 to 2023 and was the vice-presidential candidate of the Peoples Democratic Party in the 2023 elections, reportedly used his office to loot and acquire assets worth N1.3 trillion.

Some of the assets allegedly acquired by Okowa include massive shares in UTM Floating Liquefied Natural Gas Company, among other investments in the oil sector.

The EFCC’s investigation focuses on Okowa’s failure to account for the N1.3 trillion fund, as well as an additional N40 billion he purportedly used to acquire shares in UTM Floating Liquefied Natural Gas (LNG) .

Okowa was detained at the EFCC’s Port Harcourt Directorate in Rivers State after responding to an invitation from investigators handling the case.

The former Governor is currently being held at the EFCC holding facility in Port Harcourt as investigations continue.