Former Delta State Governor Ifeanyi Okowa has been arrested by Operatives of Economic and Financial Crimes Commission, EFCC over the allegation of misappropriating N1.3 trillion from the 13 percent derivation fund between 2015 and 2023.
Okowa had reported to the Port Harcourt Directorate of the EFCC on Monday, following an invitation from investigators handling his case, but was taken into custody, when according to sources within the EFCC, he was unable to account for the funds, which were allocated from the federation account to benefit oil-producing regions.
The sources also disclosed that Okowa allegedly diverted N40 billion from public funds, using them to acquire an 8 percent equity stake in a major bank to support the UTM Floating Liquefied Natural Gas project, further raising questions about transparency and the proper use of resources meant for state development.
EFCC spokesman, Dele Oyewale confirmed Okowa’s arrest when contacted. However, he declined further comments.
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