The Economic and Financial Crimes Commission (EFCC) has detained former Delta State Governor Ifeanyi Okowa in its Port Harcourt division, following allegations of financial misappropriation. EFCC spokesperson Dele Oyewale confirmed the arrest, stating, “He is with us,” while withholding further details on the investigation.
Okowa, who served as the vice-presidential candidate to Atiku Abubakar in Nigeria’s 2023 general elections, faces allegations of looting and diverting up to N1.3 trillion. Sources within the EFCC disclosed that these funds, comprising the 13% derivation fund from the federation account between 2015 and 2023, were allegedly directed toward acquiring substantial shares in UTM Floating Liquefied Natural Gas Company (LNG) and other oil sector investments.
The investigation also involves scrutiny of an additional N40 billion, purportedly invested in shares of a major bank to back an offshore LNG project. In addition to these investments, Okowa is accused of using diverted funds to acquire multiple estates in Abuja and Asaba.
As the investigation proceeds, Okowa’s legal representation remains uncertain. The EFCC is expected to release further details as their probe into the matter unfolds.
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