EFCC Boss Faces Calls To Resign Over Osun Account Freeze

Calls for the removal of the Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, have intensified following the controversy over the freezing of the Osun State Government’s bank accounts ahead of the August 15 governorship election.

Opposition parties and some members of the public accused the anti-graft agency of political bias, arguing that restricting the state government’s accounts so close to the election created doubts about the commission’s neutrality. Some groups urged Olukoyede to resign, while others called on President Bola Tinubu to remove him if he refused to step down.

The EFCC had on Wednesday placed a Post No Debit restriction on an Osun State Government account with First Bank over what it described as suspicious financial transactions. The commission said it had been investigating the state government since March 2026 over alleged diversion of public funds.

The EFCC later defended the action, saying it had detected large transfers from government accounts to different corporate entities and moved to stop what it considered suspicious transactions.

However, Tinubu on Thursday directed the EFCC to return to court and seek the vacation of the order restricting the accounts. The President said his concern was mainly about the timing of the action, given that the state was only days away from its governorship election.

The development triggered reactions from political parties, civil society figures and members of the public, with some questioning the independence of the EFCC and others defending the commission’s legal authority.

The National Chairman of the Accord Party, Maxwell Mgbudem, said the party had lost confidence in the leadership of the EFCC and accused the commission of becoming involved in Osun politics.

Speaking at a press conference in Abuja on Friday, Mgbudem called for Olukoyede’s immediate resignation.

He argued that the EFCC’s action had damaged public confidence in the anti-corruption agency and created the impression that federal institutions were being used for political purposes.

Mgbudem said that if the EFCC chairman refused to resign, Tinubu should remove him to restore confidence in the commission.

The Accord Party also called on security agencies and other institutions involved in the Osun election to remain neutral and operate within the law.

The National Chairman of the New Nigeria People’s Party, Major Agbo, also backed the call for Olukoyede’s resignation, although he expressed concern that the President’s directive to reverse the restriction could undermine the EFCC’s independence.

Agbo said he would have preferred the commission to complete its investigation, arguing that the timing of its action should not necessarily determine whether it was allowed to carry out its duties.

The National Coordinator of the Obidient Movement Worldwide, Yunusa Tanko, similarly advised Olukoyede to consider leaving office in order to protect his reputation.

Tanko said the President’s intervention had created an impression that the EFCC chairman could be influenced by political authorities.

Despite the growing calls for the EFCC chairman’s removal, sources within the Presidency dismissed speculation that Olukoyede was about to lose his position.

According to the sources, the President’s frustration was directed at the timing and public perception of the EFCC’s action rather than the chairman himself.

One source said the fact that Tinubu described the development as embarrassing did not mean Olukoyede would be dismissed.

Another source said the EFCC chairman remained in office and that disagreements between a political appointee and the President did not automatically mean dismissal.

Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, also rejected calls for Olukoyede’s resignation.

Falana said the EFCC had acted within its legal powers and obtained a court order before freezing the affected accounts.

He questioned the President’s authority to direct the commission’s operational activities, arguing that the EFCC was established by law and should be allowed to perform its statutory duties independently.

Falana said the commission could restrict an account where it had reasonable grounds to suspect fraudulent activity and then seek judicial backing for the action.

He therefore maintained that the EFCC chairman should not be blamed for carrying out an investigation within the agency’s legal mandate.

The National Publicity Secretary of the Labour Party, Ken Asogwa, also opposed the demand for Olukoyede’s resignation, describing it as an extreme response.

However, Asogwa expressed concern about the President’s directive, saying it raised questions about the independence of the anti-corruption agency.

He argued that if the President could personally direct the EFCC to reverse an action, there could also be concerns about whether similar directives could influence other decisions of the commission.

The minority caucus of the House of Representatives also criticised the handling of the matter, accusing the Federal Government of giving contradictory accounts of the EFCC’s action.

The lawmakers described Tinubu’s directive as a belated response to public pressure and questioned whether the government was fully aware of the circumstances surrounding the restriction.

They also raised questions about whether the EFCC had obtained a valid court order before freezing the accounts.

The caucus further alleged that the Federal Government had previously withheld statutory allocations meant for Osun State’s local governments and accused federal authorities of applying economic pressure on the state ahead of the election.

The lawmakers also alleged political violence in the state and claimed that the developments were part of a wider attempt to put pressure on the Osun State Government and voters before the election.

They warned that the situation could have wider implications for Nigeria’s democratic process, particularly ahead of the 2027 general elections.

A certified copy of the court order obtained by the EFCC, however, showed that the commission secured an order from the Federal High Court in Abuja to restrict three accounts belonging to the Osun State Government.

The order was issued on August 5, 2026, by Justice M.G. Umar in Suit No. FHC/ABJ/CS/1750/2026, following an ex-parte application filed by the EFCC chairman.

The court authorised the EFCC chairman or an officer acting on his behalf to direct the affected banks to freeze the accounts pending the conclusion of investigations and possible prosecution.

The court order stated that the accounts were being investigated over alleged diversion of public funds and money laundering.

The affected accounts included the Osun State Government Federal Allocation Account with First Bank and two Osun State Joint Allocation Accounts held with Zenith Bank.

The controversy over the accounts has therefore shifted from the legality of the EFCC’s investigation to wider questions about the timing of its action, the independence of the commission and the role of federal institutions during elections.