The Presidency has dismissed reports that the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, might be sacked over the freezing of the Osun State Government’s account a few days before the governorship election.
The calls for the removal of Olukoyede intensified on Friday as opposition parties described the action of the anti-graft agency as politically motivated, alleging that the commission had shown partisanship ahead of the August 15 governorship election.
Recall that the EFCC on Wednesday ordered a Post No Bill on the Osun State Government account with First Bank over suspicion of shady transactions.
The commission said it had been investigating the account since March 2026 and it had the power to freeze an account for 72 hours on reasonable suspicion.
But Thursday, President Bola Tinubu ordered the EFCC to unfreeze the account and dismissed the commission’s move as embarrassing.
Resign Olukoyede”
In an interview with Punch, Major Agbo (retd.), the National Chairman of the NNPP, expressed concern about the alleged loss of independence of the EFCC, and stressed that Tinubu should have allowed the commission to complete its investigations instead of interfering.
Read Also: Osun: Kenneth Okonkwo Accuses Tinubu of Using Anti-Graft Agencies Against Opponents
He said, “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. When it acted doesn’t matter. The timing may have been wrong but what counts is that it was carrying out its mandate.
However, the call for the unfreezing of the account by the EFCC does not indicate the independence of the commission. It means it answers to the President.”
When asked if he backed calls for Olukoyede’s resignation, Agbo said, “Yes. Unfortunately it has to be like that.”
Yunusa Tanko, the National Coordinator of the Obidient Movement Worldwide also advised Olukoyede to consider stepping down to save his reputation.
Tanko said Tinubu’s directive gave the impression that the EFCC chairman was working under political influence.
He said, “Ultimately, if I were Olukoyede, to save my reputation and integrity, I would leave when the ovation is loudest. Otherwise, he will face more trouble;
“The kind of response I got from the EFCC shows Olukoyede tried to assert his independence. He appeared to be a puppet on the strings of a higher power.
“So, the problem is really with the person giving the directive, not the person carrying it out.”
Olukoyede Still Has Job
But sources in the Presidency who spoke with Punch said the 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 one official familiar with the matter. “It does not mean the President will sack him (EFCC chairman) because he said he was embarrassed by the move.
Another source said he also spoke 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 when you disagree with your boss? No, it does not mean he will be sacked.
“Somebody had to take the fall and in this case, it is the EFCC Chairman. That in itself is not a ground for dismissal.”
Also, a fresh court document has revealed that the EFCC obtained an order freezing three bank accounts belonging to the Osun State Government over allegations of diversion of public funds and money laundering.
The Federal High Court in Abuja on Tuesday, August 5, 2026, granted an order authorizing the anti-graft agency to freeze transactions on the accounts until the conclusion of its investigation and any subsequent prosecution.
The development gives more details about the extent of EFCC’s action, which has created controversy ahead of the Osun governorship election on August 15.
Justice M.G. Umar granted the ex parte application in Suit No. FHC/ABJ/CS/1750/2026, according to the court document obtained by SaharaReporters.
The case was styled as ‘In the Matter of an Application by the Executive Chairman of EFCC.’
