The former governor of Delta State, Mr. Ifeanyi Okowa, was arrested on Monday by operatives of the Economic and Financial Crimes Commission (EFCC) over an alleged diversion of the 13% derivation fund from the federation account to the state, amounting to N1.3 trillion.
Okowa served as governor of the oil-producing state from 2015 to 2023. Every oil-producing state in Nigeria receives a 13% derivation allocation monthly.
Reports from the Port Harcourt office of Nigeria’s anti-graft agency indicate that the former governor was invited for questioning to account for his management of the state’s resources and was subsequently detained.
A source stated, “He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.”
Okowa is also said to have diverted state funds to acquire estates in Abuja and Asaba, the Delta State capital.
Delta Line privatization and 2019 auditor-general report are some of the past fraud allegations against the former governor.
The EFCC has yet to release an official statement regarding his arrest at the time of publication.
