Ifeanyi Okowa, the former governor of Delta State, has been arrested by the Economic and Financial Crimes Commission (EFCC) over serious allegations of fraud. He is accused of diverting a staggering N1.3 trillion from the federation account during his time as governor, which lasted from 2015 to 2023.

The EFCC detained Okowa in Port Harcourt, Rivers State, after he complied with their request to come in for questioning. Reports indicate that he failed to provide accounts for these funds and is also under scrutiny for another N40 billion, which he claimed to have used to buy shares in a company involved in floating liquefied natural gas, known as UTM.

Additionally, Okowa allegedly invested N40 billion in one of the major banks in Nigeria, representing an 8% equity stake to help launch the offshore LNG project. However, there are concerns that the money may have been used for other, undisclosed purposes.

Investigators are also looking into claims that Okowa used the funds he allegedly misappropriated to purchase properties in Abuja and Asaba, the capital of Delta State. Currently, he is being held at the EFCC’s facility in Port Harcourt while the investigation continues.

Okowa’s arrest marks a significant development in the ongoing fight against corruption in Nigeria, as he is one of the notable figures facing serious legal challenges. His successor, Sheriff Oborevwori, took office after Okowa’s tenure ended earlier this year.