Former Delta State Governor Ifeanyi Okowa has been detained by the Economic and Financial Crimes Commission (EFCC) over allegations of diverting N1.3 trillion from the 13% derivation fund between 2015 and 2023.

Okowa reportedly failed to account for the funds and an additional N40 billion allegedly used to acquire shares in the UTM Floating Liquefied Natural Gas.

The EFCC is investigating Okowa’s alleged purchase of N40 billion worth of shares in a major Nigerian bank, representing 8% equity, to float the offshore LNG.

However, the funds were allegedly used for other purposes.

Furthermore, Okowa is accused of diverting funds to acquire estates in Abuja and Asasa, Delta State.

Okowa was reportedly detained on Monday, in Port Harcourt, Rivers State, after reporting to the EFCC’s Port Harcourt Directorate for investigation.

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

While the EFCC spokesperson, Dele Oyewale, confirmed Okowa’s detention, no further details were provided.

The EFCC has been actively pursuing corruption cases against high-profile individuals, including politicians and business leaders.

Established in 2003, the commission has recovered billions of dollars through its efforts.

However, the EFCC’s effectiveness has been hindered by institutional hurdles, including Nigeria’s weak judiciary and political system, which often rewards corruption rather than punishing it.