A legal practitioner has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate the Oyo State Government’s management of public funds, including a N30 billion federal intervention fund for victims of the January 2024 Bodija explosion and a N100 billion Prosperity Bond.
The petition, filed on behalf of Akinloye Olusegun by his solicitors on October 20, 2026, seeks a forensic audit of the state’s loans, bonds, annual budgets and supplementary appropriations between 2019 and 2026.
The lawyers asked the anti-graft agency to establish how funds approved for infrastructure, healthcare and other public projects were disbursed and utilised.
On the Bodija explosion fund, the petition alleged that the N30 billion released by the Federal Government remained untouched in the state government’s Infrastructure Support Account with First Bank of Nigeria Plc as of December 31, 2025.
The solicitors cited a statement attributed to the state Commissioner for Information, Prince Dotun Oyelade, acknowledging that the money was held in the account.
The January 16, 2024, explosion in Bodija, Ibadan, reportedly killed two people and injured 77 others. Following the incident, the Federal Government approved N50 billion for reconstruction, with N30 billion subsequently released through the Central Bank of Nigeria on November 4, 2024.
The petition questioned why, despite the reported release, victims were allegedly yet to see the expected reconstruction. It also asked the EFCC to verify the state government’s claim that it had spent N24.6 billion of its own resources on the intervention, comprising N20.141 billion on infrastructure and N4.085 billion on victim support.
The lawyers urged the commission to obtain the account’s statements and transaction history from First Bank and seek confirmation from the CBN and Federal Ministry of Finance on the approval and disbursement of the federal funds.
They stressed that the allegations required investigation and sought to establish whether public finance regulations were followed.
Beyond the Bodija fund, the petition listed several loans and financial facilities allegedly obtained by the state government between 2019 and 2025.
These include a N10 billion infrastructure loan in 2019, a N7.6 billion CBN agricultural loan for the Akufo/Eruwa Farm Settlement, a N2.5 billion health loan and a N20 billion loan facility in 2020.
The solicitors also called for scrutiny of a N100 billion Prosperity Bond issued in 2021/2022, reportedly linked to the Iseyin-Ogbomoso Road, Ibadan Circular Road, Ibadan Airport upgrade and Ibadan Dry Port/Rail Corridor.
Another facility highlighted was a N50 billion CBN Differentiated Cash Reserve Requirement facility captured in a 2021 supplementary budget. According to the petition, the allocation comprised N25 billion for the Circular Road, N15 billion for the Iseyin-Ogbomoso Road and N10 billion for the airport.
The petition further questioned a N200 billion bond approved in June 2025 to refinance existing bank facilities reportedly attracting interest rates of 22 to 26 per cent. The refinancing was said to target rates of 17 to 19 per cent, with an issuance fee of 2.35 per cent.
It also listed a 55 million euro French concessional loan, estimated in the petition at about N85 billion, reportedly secured in 2025 for the rehabilitation of health facilities.
The lawyers asked the EFCC to verify the disbursement and utilisation of the facilities, assess compliance with Debt Management Office requirements and determine whether the projects delivered value for money.
The petition also sought an examination of the state’s annual budgets and supplementary appropriations from 2019 to 2026, including a combined 2025 budget of approximately N984 billion and a 2026 budget put at about N1.102 trillion.
The solicitors urged the commission to compare budgetary approvals with actual releases, expenditure records and project implementation, particularly for major road projects, the Ladoke Akintola Airport, Government House, debt servicing, gratuity payments and local government elections.
In their prayers, the lawyers asked the EFCC to investigate possible financial crimes, criminal breach of trust, project cost inflation and violations of public procurement laws, if established by the evidence.
They said they were prepared to submit relevant publications and supporting documents and present their client to adopt the petition under oath.
The allegations contained in the petition have not been independently established. The request for an investigation does not in itself establish wrongdoing by the Oyo State Government.