Ifeanyi Okowa is cooling off in our custody — EFCC

The Economic and Financial Crimes Commission (EFCC) has confirmed the arrest of former governor of Delta, Dr Ifeanyi Okowa, over alleged N1. 3 trillion fraud.

NewsBand reported that the anti-graft agency took the vice presidential candidate in the 2023 general elections into custody in Port Harcourt, Rivers State capital when he reported at the Directorate of the commission on the invitation of investigators handling the case.

Senator Okowa was arrested for allegedly diverting N1.3 trillion being proceeds of 13 per cent derivation fund that accrued to the state during his administration.

He was alleged to have diverted the fund from the federation account between 2015 and 2023 when he held sway in the oil-rich state.

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

Specifically, Mr Okowa allegedly bought shares valued at N40 billion in one of the major banks in the country representing eight per cent equity to float the offshore LNG.

However, when contacted, Dele Oyewale, the spokesman of the EFCC, confirmed Okowa presence in the facility of the commission but he declined further comments further.

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