Ex-Delta Gov Okowa arrested over N1.3tn derivation fund fraud
The Economic and Financial Crimes Commission on Monday arrested a former Governor of Delta State, Ifeanyi Okowa over alleged misappropriation of N1.3 trillion from the 13 per cent derivation fund between 2015 and 2023.
Okowa was taken into custody, yesterday, in Port Harcourt, Rivers State, when he reported to the EFCC’s Port Harcourt Directorate following an invitation from investigators handling his case.
He is accused of failure to account for the funds, which were allocated from the federation account to benefit oil-producing regions.
Specifically , the ex-governor reportedly diverted N40 billion from the public funds to acquire an eight per cent equity stake in a major bank to support the UTM Floating Liquefied Natural Gas project.
EFCC spokesman, Dele Oyewale, confirmed Okowa’s arrest.
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