The Economic and Financial Crimes Commission has detained former Delta State Governor Ifeanyi Okowa over allegations of misappropriating N1.3 trillion from the 13 percent derivation fund intended for oil-producing states between 2015 and 2023.
Okowa was reportedly taken into custody in Port Harcourt, Rivers State, after he responded to an invitation from the EFCC’s Port Harcourt Directorate on Monday.
Sources within the EFCC allege that Okowa could not fully account for the funds allocated from the federation account, which were designated to benefit oil-producing communities.
Investigators further claim that Okowa allegedly diverted N40 billion from public funds to secure an 8 percent equity stake in a prominent bank, which reportedly helped finance the UTM Floating Liquefied Natural Gas project.
This transaction has reportedly raised questions about transparency and the proper use of resources intended for state development.
EFCC spokesperson Dele Oyewale confirmed Okowa’s detention but refrained from providing additional details.
