PORT HARCOURT, Nigeria – The Economic and Financial Crimes Commission, EFCC, has detained Ifeanyi Okowa, former governor of Delta State, on charges of alleged misappropriation of N1.3 trillion from the 13% oil derivation fund between 2015 and 2023.
Dr Okowa was taken into custody on Monday, November 4, 2024, at the EFCC’s Port Harcourt Directorate after responding to an official summons from investigators handling the case, as reported by Channels TV.
Sources within the EFCC revealed that the former governor is accused of failing to account for the substantial funds received during his administration, as well as an additional N40 billion purportedly used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).
Okowa is alleged to have purchased N40 billion in shares in a major Nigerian bank, securing an 8% equity stake to establish an offshore LNG project.
Investigators claim the funds were redirected for other purposes, beyond their intended use for state development.
The investigation also extends to the former governor’s alleged acquisition of estates in Abuja and Asaba, reportedly funded through diverted public monies.
The EFCC has intensified its probe to trace the movement of the alleged diverted funds and determine the full extent of Okowa’s financial dealings during his time in office.
This case adds to the list of high-profile corruption investigations by the EFCC aimed at ensuring accountability among public officials.
The agency is expected to issue further details as the investigation progresses.
