EFCC Holds Okowa Over Alleged N1.3trn Fraud

N1.3trn Fraud: Ex-Gov Okowa's EFCC Detention Continues

“He is also accused of failing to account for the funds, as well as...”

The Economic and Financial Crimes Commission (EFCC) is investigating claims that former Delta State Governor, Ifeanyi Okowa, diverted funds to buy properties in Abuja and Asaba, Delta State. Currently, Okowa is being held at the EFCC facility in Port Harcourt, Rivers State, following his arrest on Monday, November 4, 2024.

Ifeanyi Okowa, the former Delta State Governor, has spent his second night in the Economic and Financial Crimes Commission's (EFCC) custody in Port Harcourt, Rivers State. He's being investigated for allegedly diverting N1.3 trillion from the federation account between 2015 and 2023, specifically the 13% derivation fund meant for Delta State.

Ifeanyi Okowa was invited to the EFCC's Port Harcourt office on Monday, November 4, 2024, where he was detained by officials. The allegations against him include misappropriating the derivation funds and questionable handling of an additional N40 billion, claimed to be used for purchasing shares in UTM Floating Liquefied Natural Gas.

The EFCC is also probing claims that Okowa used the diverted funds to acquire properties in Abuja and Asaba, Delta State. His detention comes after serving as the vice-presidential candidate for the Peoples Democratic Party alongside Atiku Abubakar in the 2023 elections.

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13 percent derivation fund from the federation account between 2015 and 2023.

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country's major banks, representing an 8 percent equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.”

The EFCC is also probing claims that Okowa used the diverted funds to acquire properties in Abuja and Asaba, Delta State. His detention comes after serving as the vice-presidential candidate for the Peoples Democratic Party alongside Atiku Abubakar in the 2023 elections.