EFCC Cracks Down: Ex-Governor Ifeanyi Okowa Arrested In Derivation Funds Scandal

EFCC Cracks Down: Ex-Governor Ifeanyi Okowa Arrested In Derivation Funds Scandal

Sources within the commission reported that Okowa was at the EFCC office in Port Harcourt, Rivers State, when he was apprehended. One insider explained, “Okowa was present at our Port Harcourt office in response to an invitation from the investigators looking into the allegations against him, which led to his arrest...CONTINUE READING

Another source indicated that he is accused of failing to account for the funds and an additional N40 billion that he allegedly claimed to have used for purchasing shares in UTM Floating Liquefied Natural Gas.

The investigation also suggests that Okowa allegedly acquired N40 billion worth of shares in a major Nigerian bank, representing an eight percent equity stake intended for the offshore LNG project, with claims that these funds were misappropriated for other purposes.

Furthermore, investigators are looking into claims that the former governor diverted funds to purchase properties in Abuja and Asaba, Delta State.

Okowa is currently being held at the EFCC facility in Port Harcourt. When reached for comment, EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide additional details about the ongoing investigation.