Former Delta State Governor Ifeanyi Okowa remains in the custody of the Economic and Financial Crimes Commission (EFCC) for the second night following his arrest on Monday.

Okowa, who served as the running mate of the Peoples Democratic Party presidential candidate in the 2023 election, Atiku Abubakar, reported to the EFCC office in Port Harcourt, Rivers State, after receiving an invitation from investigators regarding the alleged diversion of N1.3 trillion.

According to sources, Okowa faces additional allegations, including failing to account for N40 billion used to acquire shares in UTM Floating Liquefied Natural Gas and purchasing N40 billion worth of shares in a major bank, representing 8% equity to float an offshore LNG. The funds were allegedly used for other purposes, including acquiring estates in Abuja and Asaba, Delta State.

A source said, “He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas.

“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.

“Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta State.”

A source familiar with the matter revealed that Okowa’s ongoing detention is due to the severity of the allegations against him.

“We are still keeping him; the investigation is ongoing. Earlier, he was confronted with some of the allegations against him. We want him to respond to the allegations,” the source stated.

President Bola Ahmed Tinubu, commander-in-chief of the Armed Forces, has ordered rescheduling the Federal Executive Council meeting till another date to be announced.

Initially scheduled for today, the council meeting was postponed in honour of Lt. General Taoreed Lagbaja, the Chief of Army Staff, who passed away on Tuesday night.

General Lagbaja served as the Chief of Army Staff from June 19, 2023, till his death on November 5, 2024.

President Tinubu also ordered flags to be flown at half-staff nationwide for seven days in honour of the departed general.

Earlier today, President Tinubu expressed his heartfelt condolences to the Lagbaja family and the Nigerian Armed Forces.

In a statement by Special Adviser to President Tinubu on information and strategy said the council wished Lt. General Lagbaja eternal peace and honoured his significant contributions to the nation.

President Bola Tinubu has officially promoted Olufemi Oluyede, the acting Chief of Army Staff (COAS), to the rank of Lieutenant General.

This announcement, confirmed by sources at the Presidential Villa on Tuesday, has sparked speculation regarding a potential future appointment as the permanent head of the army.

Oluyede, who was previously a Major General, stepped into the role of acting army chief following the illness of former Army Chief Taoreed Lagbaja.

NIGERIAN TRACKER learned that since the return to civilian rule in 1999, the tradition is that the Chief of Army Staff wears the rank of a three-star general, while the Chief of Defence Staff wears the rank of a four-star general from whichever section of the armed forces he comes from.

The second Army General to wear the rank of a four-star General who did not also serve as Head of State was General Alexander Ogomudia in 2003 when he was promoted by Former President Olusegun Obasanjo.