Operatives of the Economic and Financial Crimes Commission (EFCC) have apprehended former Delta State Governor, Dr. Ifeanyi Okowa in connection with an alleged fraud involving N1.3 trillion.
According to reliable sources within the EFCC, Okowa was taken into custody on November 4, 2024, in Port Harcourt after responding to an invitation from the agency’s investigators.
He is under investigation for allegedly diverting funds from the 13% derivation fund allocated to Delta State during his tenure from 2015 to 2023.
The allegations suggest that Okowa misappropriated these funds from the federation account, failing to account for not only the N1.3 trillion but also an additional N40 billion, which he purportedly claimed was used to purchase shares in UTM Floating Liquefied Natural Gas (LNG).
Specifically, he is accused of acquiring shares valued at N40 billion in a major bank, representing an 8% equity stake intended to support the offshore LNG project.
EFCC officials have indicated that Okowa’s case is being thoroughly investigated, including claims of further financial impropriety related to real estate acquisitions in Abuja and Asaba.
Dele Oyewale, the EFCC spokesperson, confirmed Okowa’s detention but refrained from providing additional details regarding the ongoing investigation.
