The Economic and Financial Crimes Commission (EFCC) has apprehended former Delta State Governor, Ifeanyi Okowa, on charges of alleged misappropriation and diversion of public funds totaling N1.3 trillion from the 13% derivation fund allocated to Delta State between 2015 and 2023.
Sources within the EFCC confirmed Okowa’s arrest on Monday, November 4, 2024, following his appearance at the EFCC’s Port Harcourt Directorate.
He was reportedly invited by the commission as part of an ongoing investigation into the alleged mismanagement of funds during his tenure as governor.
EFCC investigators allege that Okowa failed to provide an account for the substantial sum from the federation account, alongside an additional N40 billion he purportedly invested in UTM Floating Liquefied Natural Gas.
Reports indicate that Okowa acquired an 8% equity stake in a leading Nigerian bank to fund the offshore LNG project.
However, investigators suspect the funds were channeled into other investments, including real estate acquisitions in Abuja and Asaba, Delta State’s capital.
The EFCC’s scrutiny intensified amid reports of extensive property holdings allegedly linked to Okowa, suggesting he may have used public funds to amass wealth in prime real estate locations.
Okowa, a prominent figure in the Peoples Democratic Party (PDP), served as the vice-presidential candidate alongside Atiku Abubakar in the 2023 general election.
His arrest marks a significant development in the EFCC’s ongoing crackdown on alleged high-profile corruption cases involving former public officeholders.
The former governor is currently detained at the EFCC holding facility in Port Harcourt as investigations proceed.
The anti-graft agency has yet to announce formal charges.
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