BREAKING: EFCC Arrests Ifeanyi Okowa For Alleged Fraud

Investigators of the Economic and Financial Crimes Commission (EFCC) have arrested former governor of Delta State, Ifeanyi Okowa, for allegedly diverting 13% derivative funds of N1.3 trillion from the federal account between 2015 and 2023.

Didactic Information Hut gathered that Okowa who was the running mate to Atiku Abubakar in the 2023 presidential electionn was arrested on Monday in Port Harcourt, Rivers State, and turned himself in to the Port Harcourt office of the EFCC.

Okowa is alleged to have failed to disclose the use of the money as well as the N40 billion he allegedly used to acquire shares in UTM Floating Liquefied Natural Gas (UTM Floating Liquefied Natural Gas).

Specifically, Okowa is alleged to have purchased N40 billion worth of shares, an 8% stake in one of Nigeria’s largest banks, to float offshore LNG. The funds were allegedly used for other purposes.

EFCC Investigators are also looking into the former governor’s diversion of funds to acquire properties in Abuja and Asaba, Delta State.

Okowa is being detained at the EFCC detention facility in Port Harcourt.