Okowa
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The Economic and Financial Crimes Commission, EFCC, has arrested Dr. Ifeanyi Okowa, the immediate former Governor of Delta State, over alleged diversion of N1.3 trillion 13% derivation fund from the Federation Account between 2015 and 2023.
Okowa, who flew the vice presidential flag of the Peoples Deocratic Party, PDP, in last year’s general elections, was reportedly arrested in Port Harcourt, Rivers State when he honoured an invitation at the Port Harcourt Directorate of the anti-graft agency.
The former Senator had been invited to explain how he spent the funds, including another N40 billion, which he allegedly claimed to have used to acquire shares in UTM Floating Liquefied Natural Gas.
The source said that finding by the EFCC indicates that Okowa claimed to have bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG.
However, it was alleged that the funds were used for other purposes, such as the acquisition of property in Abuja and Asaba in Delta State.
