EFCC arrests ex-Delta Governor Okowa over alleged N1.3 trillion oil derivation fraud

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.

An EFCC source confirmed the former governor’s arrest to Channels Television on Monday.

Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.

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.

Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta state.

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.

READ ALSO: Anti-corruption group asks EFCC to probe ex-Delta Gov Okowa

More Top Stories

Is Japa to the UK on a student visa greener pasture or self-imposed hardship?
Late Pope Francis, a beacon of peace, humility – Oborevwori condoles Catholics
We spend N720m annually on electricity – DELSU VC laments
Oborevwori felicitates Christians at Easter
Delta govt directs schools to resume for third term April 28
Easter: Distinguished Brethren Club donates benches to General Hospital Ekpan
Eedris Abdulkareem’s ‘Tell Your Papa’ Lyrics: A Symptom of a Sick Democracy

Leave a Reply

Your email address will not be published. Required fields are marked *