The Presidency has dismissed reports that the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, may be sacked over the freezing of the Osun State Government’s account few days before the governorship election.
The calls for Olukoyede’s removal intensified on Friday as opposition parties decried the anti-graft agency’s action as politically motivated, alleging the commission had displayed partisanship ahead of the August 15 governorship election.
Recall that the EFCC on Wednesday ordered a Post No Bill on the Osun State Government’s 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 on Thursday, President Bola Tinubu told the EFCC to unfreeze the account and dismissed the commission’s move as embarrassing.
“Resign Olukoyede”
Major Agbo (retd.), the National Chairman of the NNPP, told Punch that he was worried about the alleged loss of independence of the EFCC, and insisted that Tinubu should have allowed the commission to complete its investigations rather than interfere.
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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 might have been wrong, but what matters is that it was doing its job.
The EFCC’s call for the unfreezing of the account does not indicate the independence of the commission. It means it gets instructions from the President.”
When asked if he supported calls for Olukoyede’s resignation, Agbo said, “Yes. Unfortunately it has to happen.”
National Coordinator of the Obidient Movement Worldwide, Yunusa Tanko also advised Olukoyede to consider stepping down to save his reputation.
Tinubu’s order, Tanko said, 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 the ovation is loudest. Otherwise, there will be more problems for him soon enough;
“The kind of response I got from the EFCC shows Olukoyede tried to assert his independence. It appears a higher authority directed him to act like a puppet.
“The problem is not the person who is carrying out the directive, but the person who is giving it,” she says.
Olukoyede Still Has Job
But Punch spoke with Presidency sources who said the frustration was about the timing and optics of the EFCC’s action and not on Olukoyede’s leadership of the commission.
“No, he still has his job,” said one official familiar with the case. It does not mean that 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 doesn’t mean he’ll 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 sitting in Abuja on Tuesday, August 5, 2026, gave an order authorizing the anti-graft agency to freeze transactions on the accounts until the conclusion of its investigation and any prosecution thereafter.
The development gives more details on 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 titled: ‘In the Matter of an Application by the Executive Chairman of EFCC.’