Former Delta State Governor Ifeanyi Okowa has been detained by the EFCC over alleged misuse of ₦1.3 trillion from the 13% oil derivation fund. Okowa, accused of investing ₦40 billion in LNG shares and buying properties with public funds, faces ongoing investigation for potential financial misconduct during his tenure.
The Economic and Financial Crimes Commission (EFCC) has detained Ifeanyi Okowa, former governor of Delta State, over alleged mismanagement of ₦1.3 trillion derived from the 13% oil derivation fund during his tenure from 2015 to 2023. Okowa, who was also the People’s Democratic Party’s (PDP) vice-presidential candidate in Nigeria’s 2023 elections, was taken into custody on November 4, 2024, at the EFCC’s Port Harcourt office.
According to EFCC sources, Okowa is being investigated for allegedly failing to account for substantial portions of the fund, with claims he redirected ₦40 billion to buy shares in UTM Floating Liquefied Natural Gas (LNG), acquiring an 8% stake in a prominent Nigerian bank to support the LNG project. In addition, he is accused of using some of the funds to purchase properties in Abuja and Asaba, raising concerns about possible misuse of public resources under his administration.
The EFCC has placed Okowa in its Port Harcourt holding facility for further questioning.
