Former Delta State governor, Ifeanyi Okowa, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over the alleged diversion of N1.3 trillion in state funds. The funds in question are reported to be part of the 13 percent derivation fund designated for oil-producing states.
Okowa, who also served as the Vice Presidential candidate of the Peoples Democratic Party (PDP), was taken into custody at the EFCC’s Port Harcourt office on Monday. EFCC spokesman Dele Oyewale confirmed the arrest during a phone conversation.
The former governor is accused of using his position to misappropriate state funds and acquire assets valued at N1.3 trillion, including significant shares in UTM Floating Liquefied Natural Gas Company and other oil-related investments.
The arrest follows a report by the National Bureau of Statistics, detailing the disbursement of the 13% derivation fund by the Federation Account Allocation Committee (FAAC) to oil-producing states.
