Former Delta State Governor Ifeanyi Okowa has spent a second night in the custody of the Economic and Financial Crimes Commission (EFCC) following his detention on Monday.
Okowa, who served as the vice-presidential candidate for the Peoples Democratic Party alongside Atiku Abubakar in the 2023 elections, had been invited to the EFCC’s Port Harcourt office over allegations of financial misconduct, including the alleged misappropriation of N1.3 trillion.
Sources indicate that the former governor faces additional accusations, such as failing to account for N40 billion reportedly invested in UTM Floating Liquefied Natural Gas and another N40 billion allegedly used to acquire shares in a major bank, representing 8% equity in a venture to establish an offshore LNG.
The EFCC is investigating claims that these funds may have been diverted for other purposes, including property acquisitions in Abuja and Asaba, Delta State.
“He was accused of not rendering accounts for N40 billion, supposedly invested in UTM Floating LNG,” a source close to the case stated. “He also allegedly invested N40 billion in a leading bank, representing an 8% shareholding. These funds were reportedly used for other purposes.”
A source familiar with the EFCC’s inquiry shared that Okowa’s detention reflects the gravity of the allegations. “The investigation is ongoing, and he has been confronted with some of the allegations. We’re keeping him in custody while he responds to these claims,” the source explained.
The EFCC continues to scrutinize the financial activities of the former governor as the investigation unfolds.
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