EFCC Arrests Ex-Delta Gov. Ifeanyi Okowa Over Alleged N1.3 Trillion Oil Fund Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State governor Ifeanyi Okowa over allegations of diverting N1.3 trillion from oil derivation funds during his tenure. Officials took Okowa into custody at the EFCC’s Port Harcourt office on Monday. This was confirmed by EFCC’s spokesperson, Dele Oyewale, who declined to provide further details.

Okowa was vice-presidential candidate alongside Atiku Abubakar for the People’s Democratic Party in the 2023 elections. However, he is accused of using his office as governor to acquire vast assets in sectors tied to oil and gas. EFCC insiders allege he invested substantial funds, including N40 billion, into shares in UTM Floating Liquefied Natural Gas Company.

He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas, PUNCH quoted a source as saying.

Officials also claim Okowa failed to account for the 13 per cent derivation funds allocated to Delta State from the federation account between 2015 and 2023. They suspect Okowa used portions of these funds to acquire equity in a major Nigerian bank, representing eight per cent ownership, to facilitate an offshore LNG project.

An EFCC official disclosed that Okowa had been at their Port Harcourt office following an invitation from investigators probing the allegations against him, after which he was arrested. Okowa may remain held at the EFCC’s facility in Port Harcourt while investigations continue.

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