Operatives of the Economic and Financial Crimes Commission (EFCC) have detained a former governor of Delta State, Ifeanyi Okowa, for the alleged diversion of N1.3 trillion of the 13 per cent derivation fund from the Federation Account between 2015 and 2023.
A source told PREMIUM TIMES that Mr Okowa was detained on Monday, 4 November, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.
The former governor was alleged to have failed to account for the funds and another N40 billion he allegedly claimed to have used to acquire shares in the UTM Floating Liquefied Natural Gas.
Mr Okowa allegedly bought N40 billion worth of shares in one of the major banks in Nigeria, representing eight per cent equity, to float the offshore LNG.
The funds were allegedly used for other purposes.
The anti-graft agency is also investigating the former governor’s alleged diversion of funds to acquire estates in the nation’s capital, Abuja, and Asaba in Delta State.
He is being held at the EFCC holding facility in Port Harcourt.
When contacted on Monday evening, the EFCC spokesperson, Dele Oyewale, confirmed Mr Okowa’s detention but declined to give details.
