Nigeria: EFCC arrests Ifeanyi Okowa over N1.3 trillion fraud

The Economic and Financial Crimes Commission (EFCC) in Nigeria have arrested a former Delta State governor Ifeanyi Okowa for allegedly diverting N1.3 trillion ($790,855,279.50 at current rate) of state funds. According to sources, Ifeanyi diverted the money meant for oil-producing states.

Ifeanyi Okowa who served as Delta State governor from May 2015 to May 2023 allegedly diverted the 13% derivation fund from the federation account. He was then arrested on Monday, November 4, 2024 when he reported to the EFCC Port Harcourt office in relation to the allegation.

“Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023,” a source at EFCC told the Punch.

Aside from the 1.3 trillion Naira, Okowa is also accused of misappropriating N40 billion. The said money was allegedly used to acquire shares in a UTM Floating Liquified Natural Gas (UTM FLNG).

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes,” the source claimed.

“Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.”