Arrest and Charges
The Economic and Financial Crimes Commission (EFCC) has arrested former Delta State Governor Ifeanyi Okowa, accusing him of misappropriating N1.3 trillion from oil derivation funds during his tenure. Okowa was taken into custody on Monday at the EFCC’s Port Harcourt office. EFCC spokesperson Dele Oyewale confirmed the arrest, stating that the former governor would face an extensive investigation into his alleged actions.
Accusations of Asset Diversion
Okowa, who served as the vice-presidential candidate for the People’s Democratic Party in the 2023 elections, now faces allegations of exploiting his office to amass assets in the oil and gas sector. EFCC sources claim he invested around N40 billion into UTM Floating Liquefied Natural Gas (LNG) Company. These allegations suggest a significant diversion of public funds meant for state development into personal investments.
Suspicious Investments Uncovered
The EFCC alleges that Okowa failed to provide transparency over how the funds were spent. Investigators believe he used a portion of Delta State’s oil derivation funds from 2015 to 2023 to acquire an eight percent equity stake in a major Nigerian bank. This investment allegedly served as leverage for an offshore LNG project, raising further questions about the former governor’s financial dealings.
EFCC’s Continued Investigation
Following an invitation from the EFCC, Okowa initially reported to the Port Harcourt office for questioning. Sources reveal that the former governor was detained after failing to provide satisfactory answers to the investigators. The EFCC has indicated that he may remain in custody while investigations into the alleged misappropriation continue.
Political Implications
Okowa’s arrest adds tension to the political landscape, as he remains a prominent figure within the People’s Democratic Party (PDP). His recent role in the 2023 elections alongside Atiku Abubakar has raised concerns within the party over potential reputational damage. Many party members are closely following the developments, wary of how this case might impact future electoral prospects.
Public Reaction and Awaited Outcome
The arrest has sparked widespread public interest, with many Nigerians expressing frustration over the alleged corruption. Citizens and civil society groups have called for a thorough investigation, urging the EFCC to ensure accountability. The investigation’s outcome could set a precedent for transparency and anti-corruption efforts within Nigerian politics.
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