PRESIDENT Bola Ahmed Tinubu has ordered the Economic and Financial Crimes Commission (EFCC) to immediately return to court and vacate the order freezing a bank account belonging to the Osun State Government, citing concerns over the timing of the action and its potential impact on public confidence ahead of the state’s governorship election.
The President’s directive followed the EFCC’s decision to obtain a court order freezing one of the state’s accounts as part of an ongoing investigation into the alleged diversion of about N11 billion in public funds, including Ecology Funds, intervention funds and allocations from the Federation Account Allocation Committee (FAAC).
In a personally signed statement issued on Thursday, Tinubu said although he respects the statutory powers of the anti-graft agency to investigate suspected financial crimes, the timing of the action – coming just days before the Osun governorship election – could create the impression that federal institutions were being deployed to influence the electoral process.
“I feel deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order, but by the timing of the agency’s action,” the President stated.
He noted that while he had not been fully briefed on the facts that informed the commission’s decision to obtain the freezing order, he considered the move inauspicious given the proximity of the election.
According to Tinubu, every action taken by a federal institution is often perceived by the public as reflecting the position of the Presidency, regardless of whether he was involved in the decision.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the Federal Government is being used to interfere with the election,” he said.
Consequently, the President directed the commission to immediately approach the court to discharge the freezing order and discontinue the legal process instituted against the Osun State Government in relation to the affected account.
EFCC’s Investigation
The development comes a day after the EFCC confirmed that it had placed a restriction on one account belonging to the Osun State Government as part of an investigation into the alleged fraudulent handling of approximately N11 billion in public funds.
The commission maintained that only one account was affected and not all of the state’s accounts, insisting that the action was taken to preserve funds believed to be under investigation.
EFCC spokesman Dele Oyewale said investigators observed suspicious transactions on the account and acted within the powers granted to the commission under the EFCC Act and the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency also rejected allegations that the action was politically motivated, maintaining that its investigation was based strictly on intelligence and financial records rather than electoral considerations.
Osun Government Rejects Allegations
Before the President’s intervention, the Osun State Government had strongly criticised the EFCC’s action, describing it as unlawful and politically motivated.
The state government denied allegations that it misappropriated N11 billion, insisting that all public funds were properly appropriated and utilised in line with existing financial regulations.
Officials argued that freezing a government account shortly before an election could disrupt governance and salary payments while raising questions about the neutrality of federal institutions during the electoral period.
Election Context
The controversy comes as Osun prepares for its governorship election scheduled for August 15, with political activities intensifying across the state.
The timing of the account restriction immediately sparked public debate, with opposition figures and civil society organisations questioning whether the move could affect the credibility of the electoral process.
Although Tinubu reiterated that he does not ordinarily interfere in the operational activities of investigative and prosecutorial agencies, he said the overriding public interest and the need to preserve confidence in Nigeria’s democracy required presidential intervention in the matter.
The President stressed that the directive should not be interpreted as preventing the EFCC from carrying out legitimate investigations. Rather, he indicated that any such investigation should proceed in a manner that does not undermine public trust in the fairness of the electoral process.
The Presidency’s intervention effectively clears the way for the EFCC to seek the discharge of the court order while allowing the agency to continue its investigation through other lawful means if necessary.
The latest development has added another dimension to the political atmosphere in Osun, where the forthcoming governorship election is expected to be keenly contested and closely monitored by political stakeholders, election observers and the electorate.
