A former governor of Delta State, Ifeanyi Okowa, has been detained by operatives of the Economic and Financial Crimes Commission (EFCC) for the alleged diversion of N1.3trn of the 13 percent derivation fund from the Federation Account between 2015 and 2023.
Okowa was detained yesterday in Port Harcourt, Rivers State when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.
The former governor allegedly failed to account for the funds and another N40 billion he reportedly claimed to have used to acquire shares in the UTM Floating Liquefied Natural Gas.
Okowa allegedly bought N40bn shares in one of Nigeria’s major banks, representing eight percent equity, to float the offshore LNG.
The funds were allegedly used for other purposes.
The anti-graft Agency is also investigating the former governor’s alleged diversion of funds to acquire estates in the nation’s capital, Abuja, and Asaba in Delta State.
He is being held at the EFCC holding facility in Port Harcourt.
When contacted yesterday, the EFCC spokesperson, Dele Oyewale, confirmed Okowa’s detention but declined to give details.
Okowa was alleged to have used his office as governor to loot and acquire assets up to N1.3 trillion.
Some of the assets included massive shares in UTM Floating Liquefied Natural Gas Company, among other investments in the oil sector.
The National Bureau of Statistics reported how the Federation Account Allocation Committee (FAAC) disbursed, among others, the oil-producing states with 13 percent of the derivation fund.
However, Okowa’s political associates have expressed concern over the implications of this investigation for his legacy and the political landscape in Delta State.
Okowa, who governed from 2015 to 2021, had focused on infrastructure and social development but faced criticism regarding financial accountability.
This action aligns with the Federal Government’s ongoing anti-corruption campaign, intensifying scrutiny of public officials involved in alleged financial misconduct.
