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Ifeanyi Okowa, the former governor of Delta State and vice presidential candidate in the last general elections, has been arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly misappropriating N1.3 trillion.
This sum is reportedly linked to the 13% derivation fund from the federation account during his tenure from 2015 to 2023.
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Sources within the EFCC revealed that Okowa was apprehended after he reported to the agency’s Port Harcourt office.
The arrest followed a series of invitations from a specialized investigative team that was examining his financial activities while in office.
According to insiders, Okowa’s detention was prompted by his inability to provide satisfactory explanations regarding alleged financial misconduct.
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He is also accused of failing to account for the aforementioned funds, as well as an additional N40 billion, which he claimed was used for acquiring shares in UTM Floating Liquefied Natural Gas.
Specifically, Okowa is alleged to have invested N40 billion in a major bank, securing 8% equity in the offshore LNG project.
EFCC spokesperson Dele Oyewale confirmed Okowa’s presence at the agency but refrained from commenting further on the matter.
