Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Governor of Delta State, Ifeanyi Okowa, for alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.
Newsbreeze Magazine gathered that Okowa was taken into custody in Port Harcourt, Rivers State (Zonal Office) over alleged misappropriation and embezzlement of billions of naira belonging to Delta state during his tenure as governor.
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 worth 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.
He is being held at the EFCC holding facility in Port Harcourt.
Okowa was the running mate to Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election.