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Alleged Diversion of N1.3 Trn Derivation Fund: EFCC Arrests Ex-Delta Gov. Ifeanyi Okonwa

Former two-term Governor of Delta State, and Vice Presidential candidate of the People’s Democratic Party, PDP, in the 2023 elections, Dr. Ifeanyi Okowa, has been arrested by the Economic and Financial Crimes Commission, EFCC, for alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

A report by Channels Television, quoting a source, said EFCC operatives arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the anti-graft agency on the invitation of investigators handling his matter.

According to the report, the former governor was alleged to have failed to render accounts of the funds as well as another N40 billion that he claimed to have used to acquire shares in UTM Floating Liquefied Natural Gas.

Specifically, sources close to the investigation said that Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were alleged to be used for other purposes.

Investigators, the report continued, are also investigating the alleged diversion of funds by Okonwa to acquire estates in Abuja and Asaba in Delta State.

Okonwa, who is currently being held at the EFCC holding facility in Port Harcourt, was the running mate to Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election.

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