Nigeria: EFCC Nabs Okowa Over N1.3trn Derivation Fund

5 November 2024
Vanguard (Lagos)
By Luminous Jannmike

Abuja — Operatives of Economic and Financial Crimes Commission, EFCC, have arrested former Delta State Governor Ifeanyi Okowa over alleged misappropriation of N1.3 trillion from the 13 percent 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.

According to highly placed sources within the EFCC, Okowa is accused of failing to account for the funds, which were allocated from the federation account to benefit oil-producing regions.

The sources also alleged that Okowa diverted N40 billion from public funds, using them to acquire an 8 percent equity stake in a major bank to support the UTM Floating Liquefied Natural Gas project, further raising questions about transparency and the proper use of resources meant for state development.

When contacted, EFCC spokesman, Dele Oyewale confirmed Okowa's arrest but declined further comments.

Read the original article on Vanguard.

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