Operatives of the Economic and Financial Crimes Commission, on Monday, arrested a former governor of Delta State, Ifeanyi Okowa, over the alleged diversion of N1.3tn derivation fund.
The N1.3trn amounted to a 13 per cent derivation fund from the federation account between 2015 and 2023.
According to sources in the commission, Okowa who ran as the Vice-Presidential candidate of the PDP presented himself at the EFCC office in Port Harcourt, Rivers State and was immediately apprehended by EFCC officials.
“Okowa was at our Port Harcourt office following the invitation of the investigators probing the allegations against him. He was then arrested” a source quoted as saying by Punch.
“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.
“He also allegedly bought shares of N40bn in one of the major banks in the country, representing eight per cent equity to float the offshore LNG. The funds were alleged to be used for other purposes.
“Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State.
He is being held at the EFCC holding facility in Port Harcourt.”
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