The former Governor of Delta State, Senator Arthur Ifeanyi Okowa was on Monday arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over allegations of diverting N1.3 trillion 13% derivation fund from the Federation account between 2015 and 2023.
According to a source from the anti-graft agency, Okowa was arrested in Port Harcourt, Rivers State after honouring an invitation at the Port Harcourt Directorate of the EFCC.
EFCC had invited him to come and explain how he spent the funds including another N40 billion which he allegedly claimed to have been used to acquire shares in UTM Floating Liquefied Natural Gas while in office.
The source said that finding by the EFCC indicates that Okowa claimed to have bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG but funds were allegedly used for other purposes such as acquiring property in Abuja and Asaba in Delta State.
Okowa is currently being held at the EFCC holding facility in Port Harcourt.
