The Economic and Financial Crimes Commission (EFCC) on Monday arrested former Delta State Governor Ifeanyi Okowa on charges of allegedly diverting N1.3 trillion from Nigeria’s 13% derivation fund between 2015 and 2023.
Okowa was taken into custody at the EFCC’s Port Harcourt Directorate following a summons from investigators probing his handling of state funds.
According to an EFCC source, the former governor allegedly failed to account for the significant derivation funds meant to benefit oil-producing states.
The investigation further suggests Okowa may have channelled N40 billion of these funds into acquiring shares in UTM Floating Liquefied Natural Gas, marking an 8% equity stake in one of Nigeria’s major banks. The funds intended for infrastructure and development were allegedly redirected for other purposes.
Additional probes are examining Okowa’s acquisition of multiple estates in Abuja and Asaba, properties believed to be financed through the same diverted funds.
Okowa, also the 2023 vice-presidential running mate for the Peoples Democratic Party (PDP) candidate Atiku Abubakar, is being held at the EFCC’s Port Harcourt facility as the investigation unfolds.
Okowa’s detention marks the latest in a series of high-profile anti-corruption cases spearheaded by the EFCC, as authorities aim to address systemic misuse of public funds in Nigeria’s oil-rich regions.
The commission has not yet indicated when Okowa will face formal charges, but sources within the agency confirm that the investigation continues into both his financial dealings and associated assets.
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