EFCC arrests ex-Delta state governor, Ifeanyi Okowa for alleged N1.3trn fraud
The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa over allegations of diverting N1.3 trillion in state funds, specifically the 13% derivation fund meant for Delta State between 2015 and 2023. Okowa, who served as governor from 2015 to 2023, was detained by the EFCC in Port Harcourt, Rivers State, after reporting to the commission’s office in response to an invitation.
The allegations against Okowa include failing to account for the funds and using N40 billion to acquire shares in UTM Floating Liquefied Natural Gas and an 8% equity stake in a major bank . Additionally, investigators are looking into the possible diversion of funds to purchase estates in Abuja and Asaba, Delta State.
Okowa’s arrest is part of the EFCC’s efforts to address financial misconduct in public office. The former governor is being held at the EFCC holding facility in Port Harcourt. This development comes after Okowa’s vice-presidential candidacy in the 2023 election, running alongside Atiku Abubakar.
It’s worth noting that Okowa has faced previous corruption allegations, including the privatization of Delta Line bus company and irregular expenditures reported in the 2019 Auditor-General report ². The EFCC’s investigation is ongoing, and more details are expected to emerge.
EXCERPT
Operatives of the Economic and Financial Crimes Commission, EFCC have arrested the former Governor of Delta State, Ifeanyi Okowa for alleged diversion of N1.3trillion 13% derivation fund from the federation account between 2015 and 2023.
Okowa was arrested in Port Harcourt, Rivers State when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling the matter.
The former Governor was alleged to have failed to render accounts of the funds as well as another 40 billion naira he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas. He is also alleged to have bought shares of 40 billion naira in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were also 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.
Okowa is being held at the EFCC holding facility in Port Harcourt.
He was governor of Delta state from 2015 to 2023 and was succeeded by Sheriff Oborevwori.
