The Traffic

Ex-Delta Governor Ifeanyi Okowa Arrested for Alleged N1.3 Trillion Derivation Fund Fraud

By Achimi Muktar

In a dramatic turn of events, former Delta State Governor Ifeanyi Okowa has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) for allegedly diverting a staggering N1.3 trillion in derivation funds. This shocking development unfolded on Monday at the EFCC's office in Port Harcourt, Rivers State.

The funds in question represent a 13 percent derivation share from the federation account accrued between 2015 and 2023. Sources within the commission reveal that Okowa was summoned for questioning regarding the serious allegations before being taken into custody.

An insider disclosed, "Okowa was at our Port Harcourt office following the invitation of the investigators probing the allegations against him. He was then arrested." Another source indicated that the former governor faces additional scrutiny for failing to provide an account of the funds, including N40 billion he purportedly used to acquire shares in UTM Floating Liquefied Natural Gas.

Further investigations have unveiled claims that Okowa invested another N40 billion in a prominent bank, which represented an eight percent equity stake intended to support the offshore LNG venture. However, authorities suspect that these substantial funds may have been misappropriated for personal gain.

Moreover, the EFCC is delving into allegations that Okowa funneled state funds to acquire luxurious estates in both Abuja and Asaba, the capital of Delta State. As it stands, he is currently being held at the EFCC's facility in Port Harcourt, as the investigation continues.

When reached for comment, EFCC spokesperson Dele Oyewale confirmed Okowa's arrest but refrained from providing further details about the ongoing investigation. The unfolding story has captured public attention, highlighting concerns over corruption and accountability among Nigeria's political elite.