The Economic and Financial Crimes Commission (EFCC) has instructed First Bank to prevent any withdrawals from the Osun State Government’s statutory allocation account as part of an ongoing investigation.
The directive was contained in a letter dated August 5, 2026, signed by Assistant Commander of the EFCC, Adenike Babalola, on behalf of the Director of Investigation. The commission asked the bank to place a post-no-debit restriction on the account pending the completion of its investigation.
The correspondence, with reference number 3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666, was sent to the Managing Director of First Bank and copied to the bank’s Chief Compliance Officer. It listed the affected account as “Osun State Government Statutory Allocation” with account number 2017170947.
According to the commission, the latest instruction followed an earlier communication issued on April 15, 2026. It noted that the action was taken in line with the powers granted under the EFCC (Establishment) Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022.
“Refer to our letter CR:3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/165 dated 15th April, 2026 on the above subject.
“In furtherance to the above, you are kindly requested to place a Post-No-Debit on the account. This request is made pursuant to Section 38 (1) & (2) of the Economic and Financial Crimes Commission (Establishment) Act, 2004 and Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Thank you for your usual cooperation, please,” the letter read.
Officials familiar with the investigation said the probe into the Osun State Government has been ongoing for over a year, dismissing suggestions that the restriction was connected to the upcoming governorship election.
The sources added that several senior officials of the state government had previously honoured invitations from the EFCC and made statements during the investigation.
“We have been investigating the government for over a year. In fact, some top officials of the government had been invited; they came and wrote statements. So it is not because of the forthcoming election,” the source said.
Efforts to get an official response from EFCC spokesperson Dele Oyewale were unsuccessful, as he neither answered phone calls nor replied to a text message before this report was filed.
The restriction came shortly after Governor Ademola Adeleke alleged that the anti-graft agency was planning to freeze the accounts of the state government and some senior officials ahead of the Osun governorship poll.
Speaking through the Commissioner for Information and Public Enlightenment, Kolapo Alimi, Adeleke described the reported move as an attempt to frustrate the activities of his administration before the election. He also maintained that the EFCC lacks the legal authority to freeze a state’s accounts.
“There is no legal basis or justification for any push to freeze the state government accounts. The anti-graft agency has no legal powers to freeze the account of a state government,” the governor said.
The latest development is likely to deepen political tensions in Osun State as the governorship election draws closer.
