The Economic and Financial Crimes Commission (EFCC) took former Delta State Governor Ifeanyi Okowa into custody on Monday, November 4. Okowa’s alleged diversion of ₦1.3 trillion meant for oil-producing states prompted the EFCC to take action.
Consequently, the alleged misappropriation has sparked widespread concern among the public regarding the massive sum meant to support oil-producing states from 2015 to 2023.
Meanwhile, Okowa’s arrest occurred when he reported to the Port Harcourt Directorate of the EFCC in response to investigators’ invitations. Furthermore, allegations have been made regarding Okowa’s misuse of his position to illegally acquire assets.
Ifeanyi Okowa allegedly made significant investments in the UTM Floating Liquefied Natural Gas Company and other oil sector entities.
Notably, Ifeanyi Okowa is under investigation for allegedly misappropriating ₦40 billion.
Okowa allegedly misused ₦40 billion to buy shares in UTM Floating Liquefied Natural Gas and neglected to provide accountability for the funds.
Allegedly, Ifeanyi Okowa purchased shares worth ₦40 billion in a major bank, representing 8% equity to establish an offshore LNG.
The EFCC is actively investigating the alleged diversion of funds to acquire estates in Abuja and Asaba, Delta State. This investigation is part of the EFCC’s broader efforts to tackle corruption and financial mismanagement in Nigeria.
The EFCC is currently holding Ifeanyi Okowa at their Port Harcourt facility, following the conclusion of his tenure as governor that spanned from 2015 to 2023.
