In a high-profile move against corruption, Nigeria’s Economic and Financial Crimes Commission (EFCC) on Monday apprehended former Delta State Governor Ifeanyi Okowa, over alleged misappropriation of N1.3 trillion in derivation funds between 2015 and 2023. The funds, representing a 13 percent derivation from Nigeria’s federation account, were purportedly intended for development projects in oil-producing regions.
Sources within the EFCC disclosed that Okowa was invited to the agency’s Port Harcourt office in Rivers State, where he was detained for questioning. “He came in following our invitation to address the allegations against him and was subsequently placed under arrest,” an official, requesting anonymity, revealed.
Additional sources indicate that Okowa is accused of failing to account for funds, including N40 billion allegedly used to purchase shares in UTM Floating Liquefied Natural Gas. Investigators are probing claims that this acquisition was masked as an investment in a prominent national bank, which reportedly holds an eight percent stake in offshore LNG operations. The alleged diversion of funds extends to property purchases, with investigators tracing assets in Abuja and Asaba, Delta State.
Dele Oyewale, spokesperson for the EFCC, confirmed the former governor’s arrest, though he declined to offer further comments on the matter, citing the ongoing investigation.
