Oyo PDP Nominee Asks EFCC To Probe Makinde Govt’s Loans, Budgets, N30billion Bodija Explosion Fund | Sahara Reporters

The petition listed several loans and bond issuances obtained or approved by Governor Seyi Makinde’s administration between 2019 and 2025, alongside annual budgetary allocations and supplementary budgets, which it asked the EFCC to examine.

A Nigerian politician and Peoples Democratic Party (PDP) nominee for the Oyo State House of Representatives, Akinloye Olusegun Oyeniyi, has petitioned the Economic and Financial Crimes Commission (EFCC), requesting a forensic audit of loans, bonds and budgetary expenditures of the Oyo State Government between 2019 and 2026.

The petition also seeks an investigation into the ₦30 billion reportedly released by the Federal Government for the reconstruction of areas affected by the January 2024 Bodija explosion in Ibadan, with the petitioner raising questions about the reported status of the funds and the state government’s account of its spending on the disaster.

In the petition dated October 20, 2026, and addressed to the EFCC chairman, Oyeniyi, who is also the PDP Zonal Publicity Secretary (Southwest), through his solicitors, asked the commission to investigate the state’s financial transactions to establish whether public funds had been properly managed and used for their intended purposes.

The petition, titled “Petition on Behalf of Mr. Akinloye Olusegun for the Investigation, Forensic Audit and Verification of Oyo State Government Loans, Bonds and Budgetary Expenditures Between 2019–2026 and the N30 Billion Bodija Explosion Intervention Fund,” cited Sections 6 and 7 of the Economic and Financial Crimes Commission Act, 2004, and Section 15(5) of the 1999 Constitution, as amended.

The petitioner described himself as an indigene of Oyo State and a concerned stakeholder seeking accountability in the management of public resources.

The petition listed several loans and bond issuances obtained or approved by Governor Seyi Makinde’s administration between 2019 and 2025, alongside annual budgetary allocations and supplementary budgets, which it asked the EFCC to examine.

It also requested that the commission establish the disbursement and utilisation of the funds, assess compliance with applicable debt-management requirements and determine whether the projects funded by the facilities delivered value for money.

Among the financial facilities listed in the petition is a ₦10 billion infrastructure loan in 2019, alongside a ₦7.6 billion Central Bank of Nigeria agricultural loan for the Akufo/Eruwa Farm Settlement, a ₦2.5 billion health loan and a ₦20 billion loan facility in 2020.

The petitioner also called for scrutiny of a ₦100 billion Prosperity Bond issued in 2021/2022, which he said was purportedly tied to infrastructure projects, including the Iseyin-Ogbomoso Road, Ibadan Circular Road, the upgrade of Ibadan Airport and the Ibadan Dry Port/Rail Corridor.

The petition further identified a ₦50 billion CBN DCRR facility included in a 2021 supplementary budget. According to the document, the facility was allocated as follows: ₦25 billion for the Circular Road, ₦15 billion for the Iseyin-Ogbomoso Road and ₦10 billion for the airport.

The petitioner asked the EFCC to verify the disbursement and utilisation of the funds and establish whether the stated projects received the amounts allocated to them.

Another facility highlighted in the petition is a ₦200 billion bond approved in June 2025 for the refinancing of existing bank facilities.

The petition alleged that the refinancing was intended to replace existing loans attracting interest rates of between 22 and 26 per cent with facilities carrying rates of between 17 and 19 per cent, subject to an issuance fee of 2.35 per cent.

It asked the commission to examine the transaction and verify the financial implications and compliance with applicable debt-management requirements.

The document also listed a €55 million French concessional loan, valued at approximately ₦85 billion, approved in 2025 for the rehabilitation of health facilities.

According to the petition, repayment of the facility is scheduled to commence under the next administration.

The petitioner asked the EFCC to examine the terms of the loans and bonds, verify their utilisation and determine whether the projects and transactions complied with applicable financial and procurement rules.

The petition also listed the Oyo State Government’s annual budgetary appropriations and supplementary budgets from 2019 to 2026, arguing that the figures should be examined alongside the loans and bonds obtained during the period.

It listed the state’s 2019 budget as ₦182 billion and its 2020 budget as ₦208.8 billion.

For 2021, the petition put the original budget at ₦268.77 billion, with an additional ₦50 billion supplementary budget, bringing the combined figure to ₦318.77 billion.

The 2022 budget was listed as ₦294.7 billion, while the 2023 budget was put at ₦310.43 billion, alongside an additional ₦42 billion.

For 2024, the petition listed an initial budget of ₦438.447 billion and a supplementary allocation of ₦79.73 billion.

The document put the 2025 budget at ₦684.1 billion, with an additional ₦299.8 billion in supplementary allocations, bringing the combined figure to approximately ₦984 billion.

For 2026, it listed an initial budget of ₦892.085 billion and a further ₦330 billion in additional allocations, comprising a ₦120 billion realignment and a ₦210 billion supplementary budget. The combined figure was put at ₦1.102 trillion.

The petition specifically highlighted the ₦210 billion supplementary budget for 2026, which it said was intended to address further development needs and other government obligations.

The listed projects and expenditures include the Circular Road, Ido-Eruwa Road, Airport-Ajia-New Ife Road, Saki-Igboho Road and Apete-Awotan-Akufo Road.

Other items identified in the petition include Ladoke Akintola Airport, Government House, debt servicing, gratuity payments and local government elections.

The petitioner asked the EFCC to examine the appropriations and supplementary budgets alongside the relevant financial transactions to determine how the funds were disbursed and utilised.

A major part of the petition concerns the ₦30 billion reportedly released by the Federal Government to support reconstruction and recovery following the January 16, 2024 explosion in the Bodija area of Ibadan.

According to the petition, the explosion killed two people and injured 77 others.

The document stated that the Federal Government approved ₦50 billion for reconstruction following the disaster, with ₦30 billion subsequently released through the Central Bank of Nigeria on November 4, 2024.

The petitioner alleged that the Oyo State Government had not adequately accounted for the intervention fund and asked the EFCC to investigate its status and the expenditure associated with the recovery effort.

The petition cited what it described as a public admission by the Oyo State Government, through its Commissioner for Information, Prince Dotun Oyelade, that the ₦30 billion was domiciled in an Oyo State Government Infrastructure Support Account with First Bank of Nigeria Plc.

It identified the account as number 2045199879 and stated that, according to the government’s reported position, the funds remained untouched as of December 31, 2025.

The petitioner also referred to the state government’s claim that it had spent ₦24.6 billion from its own resources on the aftermath of the explosion.

According to the petition, the claimed expenditure comprised ₦20.141 billion for infrastructure and ₦4.085 billion for victim support.

The petitioner questioned why the intervention funds had reportedly remained untouched while reconstruction and assistance to affected residents remained a concern.

“Our Client is deeply concerned that over 13 months after the release, victims of the explosion are yet to see reconstruction while the fund allegedly sits idle, and the N20bn balance remains unaccounted for,” the petition stated.

The petition asked the EFCC to establish the status of the funds and verify the claims through an investigation.

As part of the requested investigation, the petitioner asked the EFCC to invite First Bank of Nigeria Plc to provide the statement of account and status of account number 2045199879 from November 4, 2024, to date.

The commission was also asked to invite the CBN and the Federal Ministry of Finance to confirm the approval and disbursement trail for the ₦50 billion reconstruction intervention and the reported release of ₦30 billion.

The petition further called for a forensic audit of the loans, bonds, annual budgets and supplementary budgets identified in the document.

It also asked the commission to audit the Oyo State Government’s claim that it spent ₦24.6 billion from its own resources on infrastructure reconstruction and support for victims of the explosion.

The petitioner urged the EFCC to determine whether the transactions involved any financial crimes, criminal breach of trust, inflated project costs or violations of public procurement laws.

In its formal requests to the commission, the petition asked it to obtain and examine First Bank’s records for the account in which the ₦30 billion intervention fund was reportedly domiciled and verify the Federal Government’s approval of ₦50 billion and the subsequent reported release of ₦30 billion through the CBN.

It also asked the agency to conduct a forensic audit of the loans, bonds, annual budgets and supplementary budgets listed in the petition, investigate and audit the state government’s claim of spending ₦24.6 billion on the Bodija explosion’s aftermath and determine whether any economic or financial crime, criminal breach of trust, project cost inflation or breach of public procurement laws occurred.

The petitioner said he was prepared to provide supporting materials to assist the investigation.

“We undertake to provide relevant publications for ease of reference and to further provide documents in support of our petition and to produce our client to adopt this petition on oath,” the document stated.

The petition argues that examining the state’s financial transactions over the period would help establish whether public funds were used in accordance with their stated purposes and whether the relevant financial procedures were followed.

It seeks to have the EFCC establish the facts surrounding the loans and bonds, their disbursement and utilisation, the state’s budgetary expenditures and the management of the Bodija explosion intervention fund.