On Monday, the Economic and Financial Crimes Commission (EFCC) arrested former Delta State Governor Ifeanyi Okowa on suspicion of misusing N1.3 trillion.
This amount reportedly comes from the 13% oil revenue share given to Delta State from the national funds between 2015 and 2023.
EFCC sources said Okowa was invited to their office in Port Harcourt, Rivers State, for questioning over the alleged misuse of funds. After arriving, he was officially detained by EFCC officials.
“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,” a source within the EFCC stated.
Reports also claim Okowa failed to account for an additional N40 billion, which he allegedly said was used to buy shares in a floating gas company. These shares, reportedly worth N40 billion in a major Nigerian bank, are part of an offshore liquefied natural gas (LNG) project.
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Investigators are reviewing if these funds were wrongly spent on personal projects instead.
Further allegations suggest that Okowa may have used some of these funds to buy properties in Abuja and Asaba, Delta State. He remains held at the EFCC office in Port Harcourt as investigations continue.
When asked for details, EFCC spokesperson Dele Oyewale confirmed Okowa’s arrest, saying, “He is with us,” but gave no further comment.
