The legal filing, presided over by Justice M.G. Umar on August 5, 2026, impacts the state’s Federal Allocation Account at First Bank along with two Joint Allocation Accounts at Zenith Bank. This development follows public discussions surrounding the anti-graft agency’s actions ahead of upcoming electoral events, and trails a directive from President Bola Tinubu urging the commission to seek the vacation of the freezing order to avoid perceptions of political interference, despite recognizing the statutory powers of the agency.

Prior to the presidential intervention, the EFCC stated that its investigations into the handling of various state funds began earlier in the year and that the asset restrictions were enforced following suspicious financial movements detected in early August to prevent fund dissipation. In response, the Osun State Government initiated legal action against the EFCC and First Bank, contending that the asset freeze disrupted critical obligations such as salaries, pensions, and public services, while seeking a court order to lift the restrictions alongside substantial damages.

The EFCC had placed a “Post No Bill” order on the accounts on Wednesday, citing suspicious transactions and an ongoing investigation since March 2026, asserting its legal right to freeze accounts for 72 hours based on reasonable suspicion. However, President Bola Tinubu intervened on Thursday, directing the commission to unfreeze the accounts and labeling their action embarrassing due to its timing and political optics.

Following this intervention, opposition figures intensified pressure on Olukoyede to resign. Major Agbo, National Chairman of the NNPP, criticized Tinubu’s directive as undermining the EFCC’s independence by creating the appearance that the commission takes orders from the President, while Yunusa Tanko of the Obidient Movement suggested Olukoyede should step down to protect his personal integrity.

Conversely, sources within the Presidency indicated that while President Tinubu was frustrated with the timing of the move, it does not signal the end of Olukoyede’s tenure, with one official noting that a disagreement with the President is not grounds for dismissal.

In a related development, court documents obtained by SaharaReporters revealed that the EFCC had secured a formal order from the Federal High Court in Abuja on Tuesday, August 5, 2026, to freeze three Osun State Government accounts over allegations of public fund diversion and money laundering. This order authorizes the agency to restrict transactions pending the conclusion of its investigation and potential prosecution.