Photo: When the going was good – Tinubu and Edun
President Bola Ahmed Tinubu has dismissed his finance minister, Wale Edun, bringing an abrupt end to the tenure of one of his closest allies in government, amid allegations of financial impropriety and internal disquiet within the administration.
A brief statement issued on Tuesday from the office of the Secretary to the Government of the Federation said the decision was taken to “strengthen cohesion and synergy in governance” and to enhance economic performance. No further details were provided.
However, multiple presidency sources said Edun had come under sustained pressure in recent months following a series of allegations related to the management of funds, including those linked to the president’s election campaign.
The claims include accusations that some donations were not properly accounted for, as well as complaints from certain contributors who alleged their funds were neither declared nor acknowledged.
None of the allegations has been independently verified, and neither the presidency nor Edun has publicly responded to them.
Insiders said the minister’s standing within the administration had been eroded gradually, despite earlier efforts by influential political figures to shield him. Among those said to have intervened were senior figures in the ruling establishment, including former Ogun State governor Bisi Akande.
Concerns reportedly deepened in recent weeks following fresh claims involving the release of budgetary allocations to ministries and parastatals. According to sources, some agency heads were alleged to have made unofficial payments to secure access to funds — accusations that remain unproven.
The president is understood to have weighed Edun’s removal for several months but delayed taking action while considering how best to manage the transition. In March, Taiwo Oyedele was elevated to a junior ministerial role, a move widely interpreted within policy circles as a step towards restructuring the finance ministry and curbing Edun’s influence.
“The signs had been there for a while,” said one official familiar with the situation. “The president wanted stability, but also needed confidence in the team managing the economy.”
Sources said the final decision to remove Edun was taken over the weekend after further concerns emerged regarding the handling of special funds, including remittances to key government agencies.
Other sources said the former minister talked himself into trouble on issues of the performance of the economy and alleged missing funds, including from the NNPCL account.
However, his dismissal was briefly delayed, in part because Edun was in New York attending meetings with international financial institutions alongside the central bank governor, Yemi Cardoso. Advisers also reportedly counselled against making the decision public on April 20, which marked the minister’s birthday.
Within government circles, however, Edun’s departure had already been anticipated. Some members of the Federal Executive Council were said to be aware of the impending move, fuelling speculation about his position in the days leading up to his dismissal.
His removal underscores the growing pressure on Tinubu’s administration to demonstrate transparency and restore confidence in economic governance at a time of heightened public scrutiny.
