Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday arrested former Delta State Governor Ifeanyi Okowa in connection with the alleged diversion of N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.
According to EFCC sources, Okowa was arrested at the commission’s office in Port Harcourt, Rivers State, where he had reported following an invitation by investigators probing the allegations.
He confirmed that Okowa’s arrest was linked to an ongoing investigation into the misuse and diversion of public funds during his tenure as governor.
The N1.3 trillion represents a portion of the funds allocated to Delta State as part of Nigeria’s 13% derivation policy, which is intended to compensate oil-producing states for the exploitation of their natural resources.
In addition to the alleged diversion of the derivation funds, Okowa is accused of failing to provide proper accounting for the money, as well as another N40 billion he purportedly used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).
The former governor allegedly used the N40 billion to purchase an 8% equity stake in one of the major banks in Nigeria, which was supposedly meant to support the LNG project, but investigators believe the funds may have been misappropriated for other purposes.
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The EFCC is also probing claims that Okowa used state funds to acquire luxury estates in Abuja and Asaba, the capital of Delta State.
A statement from the EFCC spokesperson, Dele Oyewale, confirmed the arrest but did not provide further details on the ongoing investigation. Okowa is currently being held at the EFCC’s holding facility in Port Harcourt while further investigations continue.
Okowa, who was the running mate to Atiku Abubakar in the 2023 presidential election under the banner of the Peoples Democratic Party (PDP), is facing intense scrutiny over these serious allegations of financial mismanagement and corruption.
