Photo: Okowa in the cooler
A former Governor of Delta State, Dr Ifeanyi Okowa, has been arrested by the Economic and Financial Crimes Commission, EFCC for allegedly misappropriating the state finances, including the 13% derivation fund.
Prominent citizens of the state said Okowa mismanaged over N1.3 trillion, with very little or nothing to show for it.
It was gathered that his arrest was based on petitions and weighty allegations against the former governor.
Okowa, the Vice Presidential candidate of the Peoples Democratic Party, PDP in 2023, has been widely accused by the state’s leaders and indigene of mismanaging the finances of the state during his 8-year tenure.
A TVC news report said, “EFCC invites former governor of Delta State, Ifeanyi Okowa for questioning over alleged misappropriation of derivation funds”.
Another report by Punch said, “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% 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% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.
“Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.”
When contacted, EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined further comment on the matter.
