On Monday, the Economic and Financial Crimes Commission (EFCC) arrested former Delta State Governor Ifeanyi Okowa in Port Harcourt. Okowa is alleged to have diverted over N1.3 trillion from Delta State’s 13% derivation funds allocated from the federation account between 2015 and 2023.
According to EFCC sources, Okowa is also accused of not accounting for another N40 billion he purportedly used to acquire shares in UTM Floating Liquefied Natural Gas. Additional allegations suggest he invested N40 billion in shares in a major bank for LNG projects, which investigators claim was misused.
EFCC’s spokesperson, Dele Oyewale, confirmed the arrest but declined further comment. Okowa is reportedly held at an EFCC facility in Port Harcourt as the investigation continues.
