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N1.3trn Oil Derivation Fraud: EFCC Arrests Ex-Delta Governor, Ifeanyi Okowa
Ifeanyi Okowa, the former Governor of Delta State, has been arrested by the Economic and Financial Crimes Commission (EFCC) for alleged involvement in a N1.3 trillion fraud case.
The alleged fraud involves the diversion of 13% derivation funds from the federation account between 2015 and 2023. Okowa was taken into custody at the Port Harcourt division of the EFCC after reporting to the commission’s office in response to an invitation from investigators.
The former Governor is accused of failing to account for the funds and allegedly using N40 billion to acquire shares in UTM Floating Liquefied Natural Gas.
Specifically, Okowa allegedly purchased an 8% equity stake in one of the country’s major banks to float the offshore LNG project. The funds were allegedly used for other purposes as well.
Additionally, investigators are looking into the diversion of funds by Okowa to acquire estates in Abuja and Asaba, Delta State. Okowa is currently being held at the EFCC holding facility in Port Harcourt.
It’s essential to note that these are allegations, and Okowa has not been convicted or proven guilty. The EFCC’s investigation is ongoing, and more information will likely come to light as the case unfolds.
