Operatives of the Economic and Financial Crimes Commission, EFCC have arrested the former Governor of Delta State, Ifeanyi Okowa for alleged diversion of N1.3trillion 13% derivation fund from the federation account between 2015 and 2023.
Okowa was arrested in Port Harcourt, Rivers State when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling the matter.
The former Governor was alleged to have failed to render accounts of the funds as well as another 40 billion naira he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
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Specifically, Okowa allegedly bought shares of 40 billion naira in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were also alleged to be used for other purposes.
Investigators are also investigating the diversion of funds by the former Governor to acquire estates in Abuja and Asaba in Delta state.
Okowa is being held at the EFCC holding facility in Port Harcourt.
(Editor:Paul Akhagbemhe)
