The Economic and Financial Crimes Commission (EFCC) has taken former Delta State Governor Ifeanyi Okowa into custody over allegations of the diversion of N1.3 trillion in 13% derivation funds from the federation account. This diversion allegedly occurred during his administration from 2015 to 2023, a development that has raised significant concerns regarding accountability in the use of state resources.
According to the EFCC Spokesperson, Dele Oyewale, Okowa was apprehended on Monday, November 4, 2024, in Port Harcourt, Rivers State. The former governor had reported to the EFCC’s Port Harcourt Directorate, responding to a formal invitation from investigators probing his financial dealings during his time in office. Reports indicate that Okowa is being held in the EFCC’s Port Harcourt facility pending further inquiries.
Investigators are reportedly examining Okowa’s alleged misappropriation of funds, including a separate N40 billion purportedly invested in acquiring an 8% equity stake in UTM Floating Liquefied Natural Gas (LNG). This acquisition was allegedly funded by a large sum earmarked for Delta State’s development but was instead used for private investment purposes. Additionally, the investigation includes allegations of significant investments in estates located in Abuja and Asaba, which may also have been acquired using diverted public funds.
This arrest adds to a string of similar cases involving former public office holders in Nigeria, underscoring the federal government’s intensified efforts to scrutinize financial activities across states. The EFCC remains firm in its stance on eliminating financial mismanagement and holding former officials accountable for their tenure in office.
