Pressure on Economic and Financial Crimes Commission Chairman Ola Olukoyede mounted on Friday, August 7, as opposition parties, civil society figures and ordinary Nigerians demanded his removal over the agency's decision to freeze the Osun State Government's account just ten days before the August 15 governorship election.

The EFCC had on Wednesday, August 5, placed a Post No Bill on the Osun State Government account held with First Bank, citing suspicious transactions and claiming it had been investigating the account since March 2026. President Bola Tinubu intervened the following day, directing the commission to unfreeze the account and describing the move as embarrassing.

Accord Party, NNPP demand Olukoyede's exit

The National Chairman of Accord Party, Maxwell Mgbudem, told a press conference in Abuja that his party had lost confidence in the EFCC's leadership and was demanding Olukoyede's immediate resignation, as reported by Daily Trust.

"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.

"If he fails to resign, President Tinubu should sack him immediately to restore the integrity of the anti-graft agency."

The National Chairman of the New Nigeria People's Party, Major Agbo, also backed the resignation calls, though he expressed surprise at the President's decision to intervene, arguing Tinubu should have allowed the investigation to run its course.

"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," Agbo said.

National Coordinator of the Obidient Movement Worldwide, Dr Yunusa Tanko, similarly advised Olukoyede to step down to protect his integrity, saying:

"Ultimately, if I were Olukoyede, in order to save my reputation and integrity, I would leave while the ovation is loudest."

Presidency and Falana reject resignation demand

As reported by Punch, the Presidency said the episode would not cost Olukoyede his job, with one insider saying:

"The fact that the President said he was embarrassed by the EFCC's move does not mean he will be fired."

Human rights lawyer and Senior Advocate of Nigeria Femi Falana defended the EFCC's action, saying the commission acted within its legal mandate and that Tinubu had no authority to direct the agency's affairs. Falana added that the EFCC has the power under law to freeze any account for up to 72 hours where it suspects fraudulent activity before obtaining a court order.

The minority caucus of the House of Representatives, in a joint statement signed by its Leader, Fredrick Agbedi, and spokesman, Afam Ogene, described the President's reversal as a "panicky, belated afterthought" and accused the Federal Government of weaponising institutions against Osun ahead of the poll.

A certified true copy of a Federal High Court order seen confirmed the EFCC secured judicial authorisation on August 5, 2026, to freeze three accounts belonging to the Osun State Government, including accounts held with First Bank and two with Zenith Bank, pending investigation into alleged diversion of public funds and money laundering.