Shocking news hit Nigeria's political space when it was heard that Operatives of the Economic and Financial Crimes Commission, EFCC had arrested Delta State's former Governor, Dr. Ifeanyi Okowa.
For the alleged diversion of 13% derivation fund, which stood at the sum of N1.3 trillion from the federation account between 2015 and 2023.
The arrest took place in Port Harcourt, Rivers State. when Dr. Okowa reported himself to the Port Harcourt Directorate of the EFCC on the invitation of investigators handling the matter.
The former Governor was supposed to have failed to render accounts of the funds, and another fund he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas worth 40 billion naira.
Additionally, another alleged 40 billion naira which he also used to buy shares in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were also alleged to be used for other different purposes entirely.
Dr. Okowa is being held at the EFCC holding facility in Port Harcourt, as Investigators are also investigating the diversion of funds by the former Governor which was used in acquiring estates in Abuja and Asaba in Delta state.
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