The Economic and Financial Crimes Commission, EFCC, has detained former Delta State Governor Ifeanyi Okowa over alleged the misappropriation of N1.3 trillion, funds meant for 13% oil derivation from the federation account between 2015 and 2023.
Mr Okowa was arrested on Monday in Port Harcourt after responding to an EFCC invitation for questioning. Investigators accuse him of failing to account for the funds and allegedly diverting an additional N40 billion for personal investments.
The EFCC alleges Mr Okowa claims he used N40 billion to buy shares in a leading Nigerian bank, securing an 8% stake to support an offshore LNG project. According to the commission, the funds were allegedly channeled into unauthorized ventures.
Ifeanyi Okowa served as the running mate to Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, casting further scrutiny on the case’s political implications.
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