The Presidency has dismissed speculation that the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, may be removed from office over the commission’s freezing of Osun State Government accounts ahead of the August 15 governorship election.
Calls for Olukoyede’s resignation intensified on Friday after opposition figures criticised the EFCC’s action, describing it as politically motivated and questioning the commission’s independence.
The EFCC had on Wednesday ordered a Post No Bill on an Osun State Government account domiciled with First Bank over alleged suspicious transactions.
The anti-graft agency said it had been investigating the account since March 2026 and maintained that it had the legal authority to restrict an account for 72 hours where there is reasonable suspicion of financial wrongdoing.
However, President Bola Tinubu subsequently directed the EFCC to unfreeze the account, reportedly describing the development as embarrassing.
The directive triggered criticism from opposition figures, with some arguing that the President’s intervention could undermine the perceived independence of the anti-graft agency.
The National Chairman of the New Nigeria People’s Party (NNPP), Major Agbo, said Tinubu should have allowed the EFCC to complete its investigation rather than intervene.
Agbo also backed calls for Olukoyede’s resignation, arguing that the President’s directive had raised concerns about the commission’s independence.
Similarly, the National Coordinator of the Obidient Movement Worldwide, Yunusa Tanko, advised the EFCC chairman to consider stepping down to protect his reputation and integrity.
Tanko said the development could create the impression that Olukoyede was acting under political influence, despite his attempts to assert the commission’s independence.
However, sources within the Presidency have dismissed speculation that Olukoyede is facing imminent removal.
According to officials familiar with the matter, Tinubu’s frustration was reportedly directed at the timing and public perception of the EFCC’s action rather than the chairman’s overall leadership of the commission.
One presidential source said Olukoyede remains in office, stressing that disagreement between a government official and the President does not automatically amount to grounds for dismissal.
Another source said the EFCC chairman remained in his position and suggested that he had effectively taken responsibility for the controversy surrounding the agency’s action.
Meanwhile, a fresh court document has provided additional details about the EFCC’s investigation into the Osun State Government.
The document showed that the anti-graft agency obtained a Federal High Court order authorising it to freeze three bank accounts belonging to the state government over allegations bordering on diversion of public funds and money laundering.
The order was reportedly granted by Justice M.G. Umar in Abuja on August 5, 2026, following an ex parte application filed by the EFCC.
The court order authorised restrictions on transactions involving the accounts pending the conclusion of the investigation and any possible prosecution.
The latest development has further intensified debate over the EFCC’s action, particularly because of its timing ahead of the August 15 Osun State governorship election.
