Court stops EFCC probe of Oyo finances
Analysis based on 18 articles · First reported Jul 22, 2026 · Last updated Jul 22, 2026
The ruling has limited direct market impact as it involves a state government and an anti-corruption agency. However, it may affect investor perception of governance and rule of law in Nigeria, particularly regarding the balance of power between federal agencies and state governments.
The Nigeria — Federal High Court of Nigeria in Ibadan restrained the Nigeria — Economic and Financial Crimes Commission (EFCC) from proceeding with a broad investigation into the finances of Nigeria — Oyo State, ruling that the EFCC's request for records was speculative and amounted to a fishing expedition. Justice Nkeonye Maha set aside the EFCC's June 2, 2025 letter demanding copies of all contracts and payment details from 2021 to 2025, holding that the commission's powers under Section 38 of the EFCC Act must be exercised within constitutional limits and cannot justify indiscriminate inquiries without specific allegations. The suit was filed by Governor Seyi Makinde, the Attorney-General Abiodun Aikomo, and the state's Accountant-General after the EFCC failed to respond to their request for clarification on the specific contractors or transactions under investigation. The court emphasized that the right to fair hearing cannot be undermined under the guise of an investigation. The EFCC may appeal the decision.
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