Calls for the resignation or removal of Economic and Financial Crimes Commission Chairman Ola Olukoyede intensified on Friday following the controversy over the freezing of Osun State Government accounts ahead of the state’s August 15 governorship election.
Opposition parties and some Nigerians accused the anti-graft agency of political interference, while others argued that the EFCC acted within its statutory powers and that the controversy centred mainly on the timing of its action.
The Accord Party and New Nigeria People’s Party backed calls for Olukoyede’s resignation, while the National Coordinator of the Obidient Movement Worldwide, Yunusa Tanko, also advised him to consider stepping down.
The EFCC had ordered restrictions on three accounts belonging to the Osun State Government following an investigation into alleged diversion of public funds and money laundering.
The commission said it had been investigating the accounts since March 2026 and maintained that it had the power to restrict an account for 72 hours where there was reasonable suspicion of financial crime before seeking judicial approval.
President Bola Tinubu, however, directed the EFCC on Thursday to return to court and vacate the order, saying the timing of the action was inappropriate given the proximity of the Osun governorship election.
The directive triggered criticism from opposition groups and Nigerians who accused the EFCC of acting politically.
Accord Demands Olukoyede’s Exit
National Chairman of the Accord Party, Maxwell Mgbudem, said the party had lost confidence in the EFCC leadership and demanded Olukoyede’s immediate resignation.
“Having demonstrated unprecedented partisanship in Osun State politics, assaulted the sensibilities of fellow compatriots and brought the nation to ridicule and disrepute before the international community, Accord has lost confidence in the current leadership of the EFCC.”
Mgbudem said Olukoyede should resign and that President Tinubu should remove him if he refused.
The party also urged security agencies and other institutions involved in the Osun election to remain impartial and operate within the law.
NNPP National Chairman Major Agbo similarly supported calls for Olukoyede’s resignation but questioned the impact of the presidential directive on the EFCC’s independence.
Agbo said he would have preferred the President to allow the commission to complete its investigation, despite acknowledging that the timing of the action could have been problematic.
“But asking the EFCC to unfreeze the account does not speak well of the commission’s independence. The implication is that it takes orders from the President.”
Asked if he supported Olukoyede’s resignation, Agbo replied, “Yes. Sadly, it has to happen.”
Tanko also advised the EFCC chairman to step down, saying the episode could damage his reputation.
“Ultimately, if I were Olukoyede, in order to save my reputation and integrity, I would leave while the ovation is loudest. Otherwise, there will be more problems for him in the near future.”
He said the President’s intervention had created an impression that the EFCC chairman was operating under political influence.
Presidency Rejects Sack Speculation
Despite the growing calls for Olukoyede’s removal, Presidency sources dismissed suggestions that the controversy would cost him his position.
One source said Tinubu’s criticism was directed at the timing and optics of the EFCC’s action rather than the chairman’s leadership.
“No, he still has his job. The fact that the President said he was embarrassed by the EFCC’s move does not mean he will be fired.”
Another source who said he spoke directly with Olukoyede also dismissed the possibility of his removal.
“Someone had to take the fall, and in this case, it is the EFCC chairman. That alone is not a basis for dismissal.”
Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, also rejected calls for Olukoyede’s resignation while criticising the President’s directive.
Falana argued that the EFCC acted within its statutory powers and that the President had no authority to direct the operational affairs of the commission.
“The President has no such power. In fact, there is no legal nexus between the President and the EFCC.”
He noted that the commission had obtained a court order and argued that any challenge to the restriction should be addressed through the courts.
The Labour Party’s National Publicity Secretary, Ken Asogwa, also opposed calls for Olukoyede’s resignation but expressed concern over the President’s intervention.
Asogwa said the ability of the President to direct the EFCC to unfreeze an account raised questions about whether the commission could independently make operational decisions.
Reps Minority Caucus Questions EFCC Account Freeze
The controversy also drew criticism from the minority caucus of the House of Representatives, which accused the Federal Government of contradicting itself over the account restriction.
The caucus described Tinubu’s directive as a “panicky, belated afterthought” and questioned the circumstances surrounding the EFCC’s action.
The lawmakers pointed to what they described as conflicting statements about whether the EFCC had obtained a valid court order.
“So, which is it? Was there a court order or not?”
The caucus alleged that the account restriction was part of broader pressure being placed on the Osun State Government ahead of the election, including claims of withheld local government allocations and political violence.
It further accused the Federal Government of using federal institutions against opposition-controlled states, describing the Osun situation as a possible indication of what could happen during the 2027 general elections.
Court Order Shows EFCC Secured Judicial Approval
A certified true 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 freeze three Osun State Government accounts.
The order, issued on August 5, 2026, by Justice M.G. Umar in Suit No. FHC/ABJ/CS/1750/2026, followed an ex-parte application filed by the EFCC chairman.
The court authorised the EFCC chairman or an officer empowered by him to instruct the affected banks to freeze the accounts pending the conclusion of investigations and prosecution.
The order stated that the accounts were being investigated in connection with alleged diversion of public funds and money laundering.
The affected accounts were the Osun State Government Federal Allocation Account with First Bank and two Osun State Joint Allocation Accounts with Zenith Bank.
The development leaves the controversy centred not only on the EFCC’s investigation but also on the timing of the action, the President’s intervention and questions over the independence of Nigeria’s anti-corruption agency.
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