Alleged N1.3trn Fraud: Okowa Spends Second Night In EFCC Custody.

Former Delta State Governor Ifeanyi Okowa remains in the custody of the Economic and Financial Crimes Commission (EFCC) for the second night following his arrest on Monday.

Okowa, who served as the running mate of the Peoples Democratic Party presidential candidate in the 2023 election, Atiku Abubakar, reported to the EFCC office in Port Harcourt, Rivers State, after receiving an invitation from investigators regarding the alleged diversion of N1.3 trillion.

According to sources, Okowa faces additional allegations, including failing to account for N40 billion used to acquire shares in UTM Floating Liquefied Natural Gas and purchasing N40 billion worth of shares in a major bank, representing 8% equity to float an offshore LNG.

The funds were allegedly used for other purposes, including acquiring estates in Abuja and Asaba, Delta State.
A source said, “He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.
“He also allegedly bought shares of N40bn in one of the major banks in the country, representing eight per cent equity to float the offshore LNG. The funds were alleged to be used for other purposes.
“Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State.”
A source familiar with the matter revealed that Okowa’s ongoing detention is due to the severity of the allegations against him.
“We are still keeping him; the investigation is ongoing. Earlier, he was confronted with some of the allegations against him. We want him to respond to the allegations,” the source stated.