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

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

412
EFCC Okowa

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.

Read More:

Niger Signs Deal With Russian Firm To Acquire 3 Satellites To Boost Sahel Security

Ambitious Investigation Shows NSCDC Only Nigerian Security Agency Not Extorting

About The Author

%s Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

What Is Going In Gaza Is Genocide, Says Ghana's Foreign Minister
NewsPolitics

What Is Going On in Gaza Is Genocide, Says Ghana’s Foreign Minister

Ghana’s Foreign Minister, Samuel O. Ablakwa, has condemned Israel’s genocide against Palestinians...

EducationNews

Nigeria: Parents Decry Ondo Medical University Fee Hike, Warn Of Mass Student Dropouts

Parents and guardians of newly admitted students at the University of Medical...

EducationNews

Nigeria Establishes More ‘Chinese Corner’ as Mandarin Added to Senior Secondary Curriculum

The Federal Capital Territory (FCT) has expanded its cultural and educational partnership...

Nigeria: Tinubu Regime Suspends Illegal State of Emergency Rule in Rivers State
News

Nigeria: Tinubu Regime Suspends Illegal State Of Emergency Rule In Rivers State

The Bola Tinubu-led regime has suspended the illegal state of emergency rule...