The Economic and Financial Crimes Commission (EFCC) has arrested and detained former Delta State governor Ifeanyi Okowa into custody over accusations of misappropriating N1.3 trillion in state funds.
The arrest took place on Monday, with officials alleging that Okowa diverted funds intended as part of the 13% derivation allocation designated for oil-producing states.
Authorities indicated that Okowa, a former Vice Presidential candidate of the Peoples Democratic Party (PDP), was detained at the EFCC’s Port Harcourt office. EFCC spokesperson Dele Oyewale confirmed the arrest by phone to The Gazette.
The allegations suggest that during his tenure as governor, Okowa misused his office to amass assets worth N1.3 trillion. Among these assets were significant shares in UTM Floating Liquefied Natural Gas Company, as well as additional investments in the oil industry.
A previous report from the National Bureau of Statistics detailed the disbursement of the 13% derivation fund by the Federation Account Allocation Committee (FAAC) among oil-producing states.
