Former Delta Governor Okowa Arrested by EFCC Over Alleged Misuse Of Derivation Funds

The Economic and Financial Crimes Commission (EFCC) has reportedly arrested former Delta State Governor Ifeanyi Okowa over allegations of misappropriating N1.3 trillion from the 13% oil derivation fund. The derivation funds, allocated from the federation account, were meant to benefit Delta State between 2015 and 2023. Okowa’s arrest followed his presence at the EFCC office in Port Harcourt, Rivers State, in response to an invitation from investigators.

According to EFCC sources, Okowa faces multiple allegations, including failure to account for the substantial funds. Investigators also claim that Okowa diverted an additional N40 billion to purchase shares in UTM Floating Liquefied Natural Gas (LNG) and another major Nigerian bank, acquiring an 8% equity stake purportedly to support offshore LNG ventures. The EFCC is scrutinizing these transactions, alleging that the funds were used for purposes other than those originally intended.

In addition to these financial discrepancies, Okowa is accused of channeling some of the diverted funds toward acquiring real estate in Abuja and Asaba, Delta State. The former governor is currently held at the EFCC facility in Port Harcourt as investigations continue. EFCC spokesperson Dele Oyewale confirmed the arrest but declined further comment, stating that more information would be available after further investigation.