Immediate past governor of Delta State and vice presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Ifeanyi Okowa, was on Monday arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in Port Harcourt, the Rivers State capital, over alleged diversion of N1.3 trillion.

The N1.3 trillion, NigeriaNewsSource gathered, represents the 13 per cent derivation fund for oil-producing states accruing to Delta State from the federation account between 2015 and 2023, the years during which Okowa was governor. Delta is a major oil-producing state in Nigeria, delivering about 346,000 barrels of oil per day, according to Lekoil, a leading indigenous oil and gas exploration company.

Multiple media sources, quoting sources within the EFCC, said Okowa was arrested when he honoured an invitation by investigators probing the allegations against him at the Commission’s office in Port Harcourt.

Okowa is also being investigated over another N40 billion allegedly used for the acquisition of shares in UTM Floating Liquefied Natural Gas, a facility being developed by UTM Offshore Limited in Akwa Ibom State.

“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,” PUNCH quoted an EFCC source to have said.

The former governor is further being investigated for alleged diversion of funds to acquire estates in Abuja and Asaba, the Delta State capital.