PORT HARCOURT: Former Delta State Governor,Ifeanyi Okowa –was arrested on Monday by operatives of the Economic and Financial Crimes Commission – EFCC over accusations of diverting N1.3 trillion in derivation funds.
The funds, which represent a 13 percent share of the federation account between 2015 and 2023, are at the center of an ongoing investigation into corruption and mismanagement during Okowa’s tenure as governor.
Allegations of Diversion and Mismanagement
Sources within the EFCC confirmed that Okowa was invited to their Port Harcourt office for questioning regarding the alleged diversion of the N1.3 trillion in funds, which were meant for development in the Niger Delta region. After meeting with investigators, Okowa was arrested for further questioning.
An insider at the EFCC revealed, “Okowa arrived at our Port Harcourt office following an invitation from the investigative team probing the allegations against him. Following this, he was taken into custody.”
Suspicion of Misappropriation of Additional Funds
In addition to the N1.3 trillion, Okowa is also being investigated for his role in the mismanagement of another sum of N40 billion. This money is said to have been used to acquire shares in UTM Floating Liquefied Natural Gas (LNG), a project allegedly linked to Okowa. Investigators suspect the funds were diverted for other purposes, rather than being used for the intended investments in LNG development.
It has also been revealed that Okowa is under scrutiny for allegedly purchasing N40 billion worth of shares in a major Nigerian bank. These shares represented 8 percent equity in the bank and were purportedly part of a plan to float the offshore LNG project.
Investigations into Property Acquisitions
The EFCC is further investigating whether Okowa used diverted funds to acquire luxury estates in Abuja and Asaba, the capital of Delta State. These acquisitions are reportedly part of a broader probe into potential money laundering and financial mismanagement during his tenure.
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- Okowa Held in EFCC Custody
As of now, Okowa remains in the EFCC’s holding facility in Port Harcourt, where he is expected to face more questioning as investigations continue. The EFCC has not disclosed the full details of the case but is reportedly expanding its inquiry into other potential financial irregularities linked to the former governor’s time in office.
EFCC Spokesperson Confirms Arrest
When contacted for comment, EFCC spokesperson Dele Oyewale confirmed Okowa’s arrest but declined to provide additional details. Oyewale stated, “Yes, the former governor has been arrested, but we are unable to comment further at this stage.”
The investigation into Ifeanyi Okowa’s alleged financial crimes is ongoing, and the EFCC has made it clear that no stone will be left unturned in uncovering the full extent of the alleged corruption.
