EFCC arrests Okowa for alleged N1.3 trillion derivation fund scandal

Operatives from the Economic and Financial Crimes Commission (EFCC) have apprehended former Delta State Governor Ifeanyi Okowa in connection with allegations of misappropriating N1.3 trillion from the 13% derivation fund during his tenure from 2015 to 2023.

Okowa, who held the position of governor throughout this period, was taken into custody on Monday, November 4, 2024, in Port Harcourt, Rivers State.

His arrest occurred after he complied with an invitation from the EFCC’s Port Harcourt Directorate, where he reported to assist investigators looking into the allegations against him.

According to reliable sources within the EFCC, Okowa faces serious allegations of failing to provide a proper account for the substantial funds allocated from the federation account, intended to benefit oil-producing regions.

These funds, crucial for the development and welfare of these areas, are at the center of the investigation, raising concerns about transparency and accountability during his administration.

The sources also alleged that Okowa diverted N40 billion from public funds, using them to acquire an 8% equity stake in a major bank to support the UTM Floating Liquefied Natural Gas project, further raising questions about transparency and the proper use of resources meant for state development.

EFCC investigators are also examining Okowa’s alleged purchase of high-value properties in Abuja and Asaba, Delta State, believed to have been financed by diverted funds. He is currently being held at the EFCC facility in Port Harcourt as the investigation continues.

A source on Monday night said, “We have arrested Ifeanyi Okowa, the former governor of Delta State, for the alleged diversion of N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.

“He was apprehended on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported to the Port Harcourt Directorate of the EFCC at the invitation of investigators handling his case.

“The former governor is accused of failing to account for the diverted funds, as well as an additional N40 billion that he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.

“Specifically, Okowa is alleged to have invested N40 billion in one of the major banks in the country, representing 8% equity to support the offshore LNG initiative. It is claimed that the funds were instead used for other purposes.

“Investigators are also looking into the alleged diversion of funds by the former governor to acquire properties in Abuja and Asaba, Delta State. He is currently being held at the EFCC holding facility in Port Harcourt.”

When contacted, EFCC spokesman Dele Oyewale confirmed Okowa’s arrest but declined further comments