The Economic and Financial Crimes Commission (EFCC) has detained Delta State former governor, Ifeanyi Okowa, over alleged derivation frauds under his administration.
Under his administration, the former Governor was alleged to have diverted N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
Sources said that the former Governor was arrested on Monday, 4 November, 2024 in Port Harcourt, Rivers State when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.
The former governor was alleged to have failed to render accounts of the funds as well as another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
Specifically, Okowa allegedly bought shares N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were alleged to be used for other purposes
Investigators are also looking into the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta state during his tenure in the state.
He is being held at the EFCC holding facility in Port Harcourt
