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The Presidency has dismissed suggestions that the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, could be sacked over the freezing of the Osun State Government’s account a few days before the governorship election.
It was reported that the calls for the removal of Olukoyede heightened on Friday as opposition parties described the action of the anti-graft agency as politically motivated, alleging that the commission had demonstrated partisanship ahead of the August 15 governorship election.
Recall that the EFCC had on Wednesday ordered a Post No Bill on the Osun State Government account with First Bank on the grounds of suspicious transactions.
The commission said it had been investigating the account since March 2026 and had the power to freeze an account for 72 hours on reasonable suspicion.
But on Thursday, President Bola Tinubu, directed the EFCC to unfreeze the account, describing the commission’s action as embarrassing.
Resign Olukoyede
The National Chairman of the NNPP, Major Agbo (retd.), in an interview with Punch, raised concerns over the perceived erosion of the independence of the EFCC, stressing that Tinubu should have allowed the commission to conclude its investigations rather than intervene.
“I was surprised when I saw the President’s order directing that the account be unfrozen. If I were him, I would have allowed the EFCC to do its job,” he said. It doesn’t matter when it acted. The timing may have been off, but what matters is that it was executing its mandate.
But calling for the unfreezing of the account by the EFCC is not indicative of the independence of the commission. It means it takes orders from the President.”
When asked if he supported calls for Olukoyede’s resignation, Agbo replied, “Yes. Unfortunately it has to be that way.”
Yunusa Tanko, the National Coordinator of the Obidient Movement Worldwide, also advised Olukoyede to consider stepping down to protect his reputation.
Tanko said Tinubu’s order created the impression that the EFCC chairman was under political influence.
He said, “Ultimately, if I were Olukoyede, to save my reputation and integrity, I would leave when ovation is loudest. Otherwise, he will have more trouble ahead of him;
Read Also: Osun Crisis: Okonkwo Blasts Tinubu Over Alleged Abuse of Independent Agencies
“The type of response I received from the EFCC indicates that Olukoyede attempted to assert his independence. It seemed he was a puppet on the strings of a higher power.
“It’s not the person who’s enacting the directive who’s the problem, it’s the person who’s making the directive,” she says.
Olukoyede Still Has Job
However, the Presidency insiders who spoke with Punch said Tinubu’s frustration was over the timing and optics of the EFCC’s action and not at Olukoyede’s leadership of the commission.
“No, he still has his job,” said an official familiar with the matter. “The fact that the President said he was embarrassed by the EFCC’s move does not mean he will be sacked.”
Another source said he had also spoken directly with the EFCC chairman on Wednesday nite, saying, ‘I spoke with him last nite. He’s still got his job. Do you get fired every time you disagree with your boss? No, it doesn’t mean he will be sacked.
“Somebody had to take the fall and in this case, it is the EFCC chairman. That by itself is not a ground for dismissal.”
Also, a new court document has shown that the EFCC obtained an order to seize three bank accounts of the Osun State Government over allegations of diversion of public funds and money laundering.
The order, obtained by the Federal High Court in Abuja on Tuesday, August 5, 2026, authorized the anti-graft agency to freeze transactions on the accounts pending the conclusion of its investigation and any subsequent prosecution.
The development offers more details on the extent of the EFCC’s action, which has created controversy ahead of the Osun governorship election on August 15.
The court document obtained by SaharaReporters showed that Justice M.G. Umar granted the ex parte application in Suit No. FHC/ABJ/CS/1750/2026.
The case was titled ‘In the Matter of an Application by the Executive Chairman of EFCC.’
