Former Delta State Governor Ifeanyi Okowa has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged misuse of N1.3 trillion in derivation funds intended for Delta State. According to sources, Okowa was taken into custody on Monday at the EFCC’s Port Harcourt office, following an invitation to answer questions regarding the substantial funds he reportedly managed between 2015 and 2023.

One EFCC source stated, “Okowa was at our Port Harcourt office following the investigators’ request on allegations concerning the derivation funds. He was subsequently detained.” Another EFCC insider added that Okowa is accused not only of mismanaging N1.3 trillion but also of failing to provide transparent accounts for an additional N40 billion allegedly used for equity purchases in offshore projects, including UTM Floating Liquefied Natural Gas (LNG) and shares in a major Nigerian bank.

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Further allegations involve the purchase of luxury properties in Abuja and Asaba, Delta State, with funds allegedly diverted for personal gain. These accusations, if confirmed, suggest a misuse of funds that were primarily intended to support Delta State’s development.

EFCC spokesperson Dele Oyewale confirmed Okowa’s arrest, stating that he remains in EFCC custody while the investigation continues.