The Accord Party has demanded the immediate resignation of the Economic and Financial Crimes Commission (EFCC) Chairman, Olanipekun Olukayode, following the controversial freezing of the Osun State Government's bank account. The party's National Chairman, Chief Maxwell Mgbudem, made the call during a world press conference in Abuja on Friday, August 7, 2026, warning that President Bola Tinubu should remove Olukayode from office if he refuses to step down.
EFCC Chairman Accused of Undermining Democracy
Mgbudem described the account freeze as an action that undermined democracy and damaged the credibility of the anti-graft agency. According to Daily Trust, he stated, "The EFCC chairman should toe the path of honour and tender his resignation. If he fails to resign, President Tinubu should sack him immediately to restore the integrity of the anti-graft agency."
The controversy began on Wednesday when the EFCC directed banks to freeze accounts belonging to the Osun State Government as part of an ongoing investigation. The move drew sharp criticism from the state government and opposition parties, who said it was politically motivated and could paralyse governance just days before the August 15 governorship election.
State Government Declares Freeze Unlawful
The Osun State Government declared the directive unlawful and said it was designed to destabilise Governor Ademola Adeleke's administration. The state subsequently appealed to President Tinubu to intervene. The Presidency responded by ordering the immediate reversal of the freeze, describing the situation as embarrassing and noting that the accounts must remain accessible for governance to continue without disruption.
While commending Tinubu's intervention for helping avert what it described as a potential constitutional crisis, the Accord Party said more needed to be done to protect the integrity of the electoral process.
Allegations of EFCC Overreach and Arrests
According to The Punch, Mgbudem alleged that the EFCC had acted beyond its constitutional powers by targeting a state government account in the lead-up to an election, and urged all security agencies and democratic institutions to remain neutral throughout the exercise. The party also raised concerns about the safety of its members in the state, alleging that about 60 of its supporters had been arrested and were being held in Abuja, Osun and Nasarawa states.
Mgbudem appealed directly to the President and the Inspector-General of Police to secure their release. Accord urged the Independent National Electoral Commission (INEC) and security agencies to guarantee a free, fair and peaceful governorship election on August 15.
Presidential Intervention and Court Order
Recall that Tinubu said he was "deeply embarrassed" after the EFCC froze Osun state government's bank accounts days before the governorship election. The EFCC obtained the court order on August 5, 2026, a move President Tinubu said risked creating the impression of federal interference in the electoral process. Tinubu directed the EFCC to return to court and seek the discharge of the order, citing overriding public interest.
Earlier, Legit.ng reported that Tinubu personally called Osun state Governor Ademola Adeleke on Thursday, August 6, over the frozen state government account. Tinubu told Adeleke he had directed the EFCC to take action on the court order placed on the Osun state government account. The development marks a direct presidential intervention in the ongoing dispute between the EFCC and the Osun state government.
