A legal practitioner has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate Oyo State Government’s handling of public loans, bonds and budgetary expenditures between 2019 and 2026, raising concerns over a N30bn federal intervention fund for victims of the January 2024 Bodija explosion.
The petition, filed on behalf of Mr Akinloye Olusegun by his solicitors on October 20, 2026, asked the anti-graft agency to conduct a forensic audit of the state government’s finances and establish how funds approved for infrastructure, healthcare and other public projects were disbursed and utilised.
The lawyers specifically requested an investigation into the N30bn Bodija explosion intervention fund, which they alleged the state government had acknowledged was domiciled in its Infrastructure Support Account with First Bank of Nigeria Plc and remained untouched as of December 31, 2025.Buy Maps
They questioned why victims of the explosion were allegedly yet to see the expected reconstruction more than a year after the funds were released, while also demanding an explanation for the reported expenditure of N24.6bn from the state government’s own resources on infrastructure and victim support.
The petition, addressed to the EFCC chairman, was submitted pursuant to Sections 6 and 7 of the EFCC Act, 2004, and Section 15(5) of the 1999 Constitution, as amended.
According to the solicitors, their client, an indigene of Oyo State, wants the commission to establish whether the state government complied with public finance regulations and determine whether any public funds were mismanaged or diverted.
The petition traced the controversy to the January 16, 2024, explosion in the Bodija area of Ibadan, which it said killed two people and injured 77 others.
It stated that the Federal Government approved N50bn for reconstruction following the disaster, with N30bn subsequently released through the Central Bank of Nigeria on November 4, 2024.
The solicitors cited a public statement attributed to the Oyo State Commissioner for Information, Prince Dotun Oyelade, acknowledging that the N30bn was held in the state government’s Infrastructure Support Account, number 2045199879, with First Bank.
The petition alleged that the money remained untouched as of December 31, 2025.
It further stated that the state government claimed to have spent N24.6 billion from its own resources on the intervention, comprising N20.141 billion for infrastructure and N4.085 billion for victim support.
The lawyers asked the EFCC to verify the account balance, establish the movement of the intervention funds and audit the state government’s claims concerning expenditure on the explosion’s aftermath.
They also requested that First Bank produce the account statement and transaction history from November 4, 2024, to date, while the CBN and Federal Ministry of Finance should confirm the approval and disbursement trail of the federal intervention money.
The allegations in the petition have not been independently established.
Beyond the Bodija fund, the solicitors called for a comprehensive investigation into several loans and bond facilities allegedly obtained by the Oyo State Government between 2019 and 2025.
The facilities listed in the petition include a N10 billion infrastructure loan in 2019, a N7.6 billion Central Bank of Nigeria agricultural loan for the Akufo/Eruwa Farm Settlement, a N2.5 billion health loan and a N20 billion loan facility in 2020.
The lawyers also listed a N100 billion Prosperity Bond issued in 2021/2022, allegedly linked to the Iseyin-Ogbomoso Road, Ibadan Circular Road, Ibadan Airport upgrade and the Ibadan Dry Port/Rail Corridor.
Another facility identified in the petition was a N50 billion CBN Differentiated Cash Reserve Requirement (DCRR) facility captured in a 2021 supplementary budget. The petition said the allocation comprised N25 billion for the Circular Road, N15 billion for the Iseyin-Ogbomoso Road and N10 billion for the airport.
The solicitors further questioned a N200 billion bond approved in June 2025 for refinancing existing bank facilities allegedly attracting interest rates of between 22 and 26 per cent to rates of 17 to 19 per cent, with an issuance fee of 2.35 per cent.
They also listed a 55 million euro French concessional loan, estimated in the petition at about N85 billion, reportedly obtained in 2025 for the rehabilitation of health facilities, with repayment scheduled to commence under the next administration.
The lawyers urged the EFCC to verify the disbursement and utilisation of the facilities, assess compliance with the Debt Management Office’s requirements and determine whether the projects delivered value for money.
The petition also raised questions about the state’s annual budgets and supplementary appropriations from 2019 to 2026.
It listed the 2019 budget at N182 billion, the 2020 budget at N208.8 billion and the 2021 budget at N318.77 billion, including a N50 billion supplementary appropriation.
The solicitors put the 2022 budget at N294.7 billion, the 2023 budget at N352.28 billion and the 2024 budget at N517.78 billion.
For 2025, the petition listed a combined budget of approximately N984 billion, comprising N684.1 billion and a supplementary allocation of N299.8 billion.
The 2026 budget was put at approximately N1.102 trillion, comprising an initial N892.085 billion and an additional N330 billion, including a N120 billion realignment and a N210 billion supplementary budget.
The petition said the 2026 supplementary appropriation covered several projects and obligations, including the Ibadan Circular Road, Ido-Eruwa Road, Airport-Ajia-New Ife Road, Saki-Igboho Road and Apete-Awotan-Akufo Road.
Other listed items included the Ladoke Akintola Airport, Government House, debt servicing, gratuity payments and local government elections.
The solicitors asked the commission to examine the appropriations against actual releases, expenditure records and project implementation to establish whether public funds were properly accounted for.
In its prayers, the petition urged the EFCC to conduct a forensic audit of the listed loans, bonds, annual budgets and supplementary budgets.
It also asked the commission to investigate the reported N24.6 billion expenditure on the Bodija explosion intervention and determine whether any financial crime, criminal breach of trust, project cost inflation or violation of public procurement laws occurred.
The solicitors said they were prepared to provide relevant publications and supporting documents and produce their client to adopt the petition under oath.