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Ifeanyi Okowa, the former governor of Delta State, was apprehended on Monday by agents of the Economic and Financial Crimes Commission (EFCC)over charges involving the alleged misdirection of N1.3 trillion in derivation funds.
The amount allegedly diverted, N1.3 trillion, reflects a 13 percent derivation fund intended for Delta State from the federation account over an eight-year period, from 2015 to 2023.
According to insiders from the commission, Okowa was found at the EFCC headquarters in Port Harcourt, Rivers State, and was subsequently apprehended by the agency’s operatives.
One of the sources said, “Okowa was at our Port Harcourt office following the invitation of the investigators probing the allegations against him. He was then arrested.”
Read also: Amos Utuama, Former Delta Deputy Governor, Dies At 77
Another source added, “He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
“He also allegedly bought shares of N40bn in one of the major banks in the country, representing eight per cent equity to float the offshore LNG. The funds were alleged to be used for other purposes.
“Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State.
“He is being held at the EFCC holding facility in Port Harcourt.”
When contacted, the EFCC’s spokesperson, Dele Oyewale, confirmed his arrest but declined further comments on the matter.
