EFCC Arrests Ex-Delta Governor Okowa Over Alleged Derivation Funds Fraud

Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday arrested former Delta State Governor, Ifeanyi Okowa, in connection with the alleged diversion of N1.3 trillion in derivation funds.

The N1.3 trillion represents 13% of the derivation fund from the Federation Account between 2015 and 2023.

Sources within the EFCC confirmed that Okowa was at the commission’s Port Harcourt office in Rivers State when he was arrested. “Okowa was invited for questioning by investigators probing the allegations against him, and was subsequently detained,” one source stated.

The former governor is also facing accusations of failing to account for these funds, as well as a separate allegation involving N40 billion that he purportedly used to acquire shares in UTM Floating Liquefied Natural Gas (LNG). According to the sources, Okowa allegedly invested the same amount, N40 billion, in shares of a major Nigerian bank, securing an 8% equity stake in the offshore LNG project. The funds, however, are said to have been diverted for other uses.

Investigators are also probing Okowa’s alleged use of diverted funds to acquire properties in Abuja and Asaba, Delta State.

Okowa is currently being held at the EFCC’s detention facility in Port Harcourt.

When reached for comment, the EFCC’s spokesperson, Dele Oyewale, confirmed the arrest but declined to provide further details.