A legal practitioner has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate the Oyo State Government’s management of public loans, bonds and budgetary spending between 2019 and 2026, including a ₦30 billion federal intervention fund for victims of the January 2024 Bodija explosion.
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The petition, filed on behalf of Akinloye Olusegun by his solicitors on October 20, 2026, urged the anti-graft agency to conduct a forensic audit of the state’s finances and establish how funds approved for infrastructure, healthcare and other public projects were disbursed and spent.
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The lawyers specifically requested an investigation into the ₦30 billion Bodija explosion intervention fund, alleging that the state government had acknowledged keeping the money in its Infrastructure Support Account with First Bank of Nigeria Plc, where it reportedly remained untouched as of December 31, 2025.
They questioned why victims had allegedly yet to receive the expected reconstruction benefits more than a year after the funds were released. They also sought clarification on the reported expenditure of ₦24.6 billion from the state’s own resources on infrastructure and support for victims.
Addressed to the EFCC chairman, the petition was submitted under Sections 6 and 7 of the EFCC Act 2004 and Section 15(5) of the 1999 Constitution, as amended.
The solicitors said their client, an indigene of Oyo State, wanted the commission to determine whether the government had complied with public finance regulations and whether any funds had been mismanaged or diverted.
The petition traced the matter to the January 16, 2024, explosion in the Bodija area of Ibadan, which reportedly killed two people and injured 77 others.
It stated that the Federal Government approved ₦50 billion for reconstruction following the incident, with ₦30 billion subsequently released through the Central Bank of Nigeria on November 4, 2024.
The lawyers cited a public statement attributed to Oyo State Commissioner for Information, Prince Dotun Oyelade, acknowledging that the ₦30 billion was held in the government’s Infrastructure Support Account with First Bank.
According to the petition, the state government said it had spent ₦24.6 billion from its own resources on the intervention, comprising ₦20.141 billion for infrastructure and ₦4.085 billion for victim support.
The solicitors asked the EFCC to verify the account balance, trace the movement of the federal intervention funds and audit the government’s claims about expenditure related to the explosion.
They also requested that First Bank provide the account statement and transaction history from November 4, 2024, to date, while the CBN and Federal Ministry of Finance should confirm the approval and disbursement records.
The allegations contained in the petition have not been independently established.
Beyond the Bodija fund, the lawyers called for a comprehensive investigation into loans and bond facilities allegedly obtained by the Oyo State Government between 2019 and 2025.
The facilities listed included a ₦10 billion infrastructure loan in 2019, a ₦7.6 billion Central Bank of Nigeria agricultural loan for the Akufo/Eruwa Farm Settlement, a ₦2.5 billion health loan and a ₦20 billion loan facility in 2020.
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The petition also identified a ₦100 billion Prosperity Bond issued in 2021/2022, allegedly linked to the Iseyin-Ogbomoso Road, Ibadan Circular Road, Ibadan Airport upgrade and Ibadan Dry Port/Rail Corridor.
Another facility under scrutiny was a ₦50 billion CBN Differentiated Cash Reserve Requirement facility included in a 2021 supplementary budget. The petition said ₦25 billion was allocated to the Circular Road, ₦15 billion to the Iseyin-Ogbomoso Road and ₦10 billion to the airport.
The lawyers further questioned a ₦200 billion bond approved in June 2025 to refinance existing bank facilities reportedly attracting interest rates of between 22 and 26 per cent. They said the proposed refinancing would reduce the rates to between 17 and 19 per cent, with an issuance fee of 2.35 per cent.
They also listed a €55 million French concessional loan, valued at approximately ₦85 billion in the petition, reportedly obtained in 2025 to rehabilitate health facilities. The petition stated that repayment was scheduled to begin under the next administration.
The solicitors asked the EFCC to verify how the facilities were disbursed and used, assess compliance with Debt Management Office requirements and determine whether the projects delivered value for money.
The petition also raised questions about Oyo State’s annual budgets and supplementary appropriations from 2019 to 2026.
It listed the 2019 budget at ₦182 billion, the 2020 budget at ₦208.8 billion and the 2021 budget at ₦318.77 billion, including a ₦50 billion supplementary appropriation.
The 2022 budget was put at ₦294.7 billion, while the 2023 and 2024 budgets were listed at ₦352.28 billion and ₦517.78 billion, respectively.
For 2025, the petition cited a combined budget of approximately ₦984 billion, comprising ₦684.1 billion and a supplementary allocation of ₦299.8 billion.
The 2026 budget was estimated at approximately ₦1.102 trillion, comprising an initial ₦892.085 billion and an additional ₦330 billion, including a ₦120 billion realignment and a ₦210 billion supplementary budget.
According to the petition, the 2026 supplementary appropriation covered projects including the Ibadan Circular Road, Ido-Eruwa Road, Airport-Ajia-New Ife Road, Saki-Igboho Road and Apete-Awotan-Akufo Road.
Other listed expenditure items included Ladoke Akintola Airport, Government House, debt servicing, gratuity payments and local government elections.
The solicitors urged the EFCC to compare the approved appropriations with actual fund releases, expenditure records and project implementation to determine whether public money had been properly accounted for.
In their final requests, the lawyers asked the commission to conduct a forensic audit of the listed loans, bonds, annual budgets and supplementary appropriations.
They also called for an investigation into the reported ₦24.6 billion spent on the Bodija explosion intervention and urged the EFCC to determine whether any financial crime, criminal breach of trust, project cost inflation or violation of public procurement laws had occurred.
The solicitors said they were prepared to provide relevant publications and supporting documents and present their client to adopt the petition under oath.
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