PORT HARCOURT — Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa on allegations of misappropriating N1.3 trillion from funds designated for oil-producing states. Okowa was taken into custody after he reported to the EFCC’s Port Harcourt office in response to an invitation for questioning regarding the alleged financial irregularities.
The former governor is accused of diverting a significant portion of the 13 percent derivation fund earmarked for oil-producing states between 2015 and 2023. Additionally, the EFCC is investigating Okowa over N40 billion allegedly funneled into shares for UTM Floating Liquefied Natural Gas, a facility under development by UTM Offshore Limited in Akwa Ibom State.
Sources within the EFCC say Okowa has not provided a satisfactory explanation for the use of these funds. He is also under scrutiny for reportedly diverting public funds “to acquire estates in Abuja and Asaba.”
