Operatives of the Economic and Financial Crimes Commission on Monday arrested former Delta State Governor, Ifeanyi Okowa, over the alleged diversion of N1.3 trillion.
The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.
According to sources within the commission, Okowa was at the EFCC office in Port Harcourt, Rivers State, where he was subsequently detained by officials.
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One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested.
“The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.
“He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.
“Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.”
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When contacted, EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined further comment on the matter.
“He is with us,” Oyewale simply said.
