Investigators claim that Okowa misused his position to illegally acquire assets, including significant investments in the UTM Floating Liquefied Natural Gas Company and other oil sector entities.
Asaba, Nigeria – The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State governor and Peoples Democratic Party (PDP) vice-presidential candidate, Ifeanyi Okowa, over allegations of diverting N1.3 trillion in state funds.
Okowa was detained on Monday at the EFCC’s Port Harcourt office as part of an investigation into the alleged misappropriation.
According to EFCC sources, the funds in question were part of the 13 percent derivation fund allocated to oil-producing states by the Federation Account Allocation Committee (FAAC), intended to benefit the region’s infrastructure and social programs.
Investigators claim that the former governor misused his position to illegally acquire assets, including significant investments in the UTM Floating Liquefied Natural Gas Company and other oil sector entities.
EFCC spokesman Dele Oyewale confirmed the arrest and ongoing detention of the former Vice Presidential candidate, stating that the agency is probing the former governor’s financial dealings and asset portfolio, which reportedly includes substantial stakes across multiple ventures.
The allegations against him come amid ongoing efforts by Nigeria’s anti-graft agency to address financial misconduct in public office. The National Bureau of Statistics had previously documented the FAAC’s distribution of derivation funds among oil-producing states, highlighting the importance of transparent management of these resources.
More details are expected as the EFCC continues its investigation.
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