EFCC detains ex-Governor Okowa over alleged N1.3 trillion Derivation Fund fraud
Former Governor Ifeanyi Okowa of Delta State
Published By: Kazeem Ugbodaga
The Economic and Financial Crimes Commission (EFCC) has detained former Delta State Governor Ifeanyi Okowa on allegations of misappropriating 13% derivation funds during his administration.
Okowa is accused of diverting approximately N1.3 trillion from the federation account’s 13% derivation funds between 2015 and 2023.
Sources indicate he was apprehended on Monday, November 4, 2024, in Port Harcourt, Rivers State, after responding to an invitation from the EFCC’s Port Harcourt Directorate.
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The former governor is further accused of failing to account for the funds, including an additional N40 billion allegedly used to acquire an 8% equity share in a major bank to support UTM Floating Liquefied Natural Gas (LNG) investments.
Investigators are also examining allegations that Okowa diverted state funds to acquire properties in Abuja and Asaba during his tenure.
He is currently being held at the EFCC facility in Port Harcourt.
