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EFCC Arrests ex-Delta Governor Ifeanyi Okowa Over N1.3 Trillion Oil Derivation Fraud

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The Economic and Financial Crimes Commission, EFCC, has arrested Ifeanyi Okowa, Peoples Gazette heard on Monday.
Officials said that the former Delta governor was taken into custody at the Port-Harcourt division of the anti-graft office.
An EFCC source confirmed the former governor’s arrest to The MATRIX  on Monday.

The former governor was alleged to have failed to render accounts of the funds as well as another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.

READ ALSO: EFCC Gives Scorecard, Says 3,455 Convictions Secured, N248bn, $105m Recovered In One Year

READ ALSO: EFCC Gives Scorecard, Says 3,455 Convictions Secured, N248bn, $105m Recovered In One Year

Specifically, Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing 8% 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.

He is being held at the EFCC holding facility in Port Harcourt.

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