Naija News has reported that former Delta State Governor and Peoples Democratic Party (PDP) Vice Presidential candidate, Ifeanyi Okowa, was arrested by the Economic and Financial Crimes Commission (EFCC) on November 4, 2024, over allegations of misappropriating N1.3 trillion in 13% derivation funds between 2015 and 2023.
The arrest was confirmed by the commissions spokesperson Dele Oyewale, who disclosed that Okowa was detained at the EFCC’s Port Harcourt Directorate following his response to an invitation from investigators.
They alleged that Okowa failed to account for the funds and reportedly diverted an additional N40 billion for purchasing an 8% equity stake in a major bank to support the establishment of UTM Floating Liquefied Natural Gas (LNG). Investigators also suspect that some of the diverted funds were used to acquire real estate properties in Abuja and Asaba, Delta State.
Okowa is currently being held at the EFCC facility in Port Harcourt as investigations continue.
