EFCC Arrests Former Delta Governor Ifeanyi Okowa Over Alleged N1.3 Trillion Fund Diversion

Operatives of the Economic and Financial Crimes Commission (EFCC) have detained former Delta State Governor Ifeanyi Okowa for allegedly diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.

Okowa was arrested in Port Harcourt, Rivers State, after responding to an invitation from investigators at the EFCC’s Port Harcourt Directorate.

He faces allegations of failing to account for the funds, along with another N40 billion that he purportedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. Furthermore, he is accused of investing N40 billion in shares of a major bank, representing an 8% equity stake to support the offshore LNG venture. The investigation also extends to allegations of funds being diverted for other purposes, including the acquisition of estates in Abuja and Asaba, Delta State.

Okowa is currently being held at the EFCC’s facility in Port Harcourt. He served as governor of Delta State from 2015 until 2023 and was succeeded by Sheriff Oborevwori.