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

244
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Your email address will not be published.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

NewsSecurity

Burkinabè Army Kills Terrorist Leader Khalidou in Targeted Strike

The Burkinabè army has eliminated terrorist leader Khalidou in a precision airstrike,...

Natasha Petition Recall
News

Recall Petition Against Senator Natasha Fails to Meet Constitutional Requirement – INEC

The Independent National Electoral Commission (INEC) has announced that the petition seeking...

USAID Missions
FinanceNewsWorld

Trump Imposes Tariffs on Nigeria, Other African Nations

The United States has imposed a 14 per cent tariff on Nigerian...

Niger
News

Niger Transitional Govt. Frees 49 Political and Military Figures, Ex-President Bazoum Remains in Detention

Niger’s Transitional Government announced on Tuesday that it had released 49 individuals,...