Ifeanyi Okowa
Why EFCC arrested ex-Gov Okowa
The Economic and Financial Crimes Commission (EFCC) 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.
According to a source at EFCC, the former governor, who was the running mate of the People’s Democratic Party, PDP, was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State.
Okowa was said to reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.
The former governor was alleged by the EFCC 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.
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.
The EFCC is said to be 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 PDP in the 2023 election.