Nigeria, Aug. 8 -- It was a stunning public rebuke.

This week, the fragility of Nigeria's democratic institutions came into sharp focus. The Economic and Financial Crimes Commission (EFCC) exercised its sweeping powers by freezing the Osun State Government's accounts over alleged financial misconduct. There has been no judicial determination of wrongdoing. Within hours, however, President Bola Tinubu ordered the anti-corruption agency to reverse itself and unfreeze the accounts. His explanation was simple: he was "deeply embarrassed."

The episode has reignited concerns about regulatory capture and what it means for Nigeria's democracy. It is not a choice between the "white devil" and the "black devil." Rather, it exposes a deeper proble...