The Economic and Financial Crimes Commission has directed First Bank to place a post-no-debit restriction on 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.
Addressed to the Managing Director of First Bank and copied to the bank’s Chief Compliance Officer, the letter instructed that no withdrawals should be made from the account pending the conclusion of the investigation.
The affected account was identified as the Osun State Government Statutory Allocation Account.
According to the commission, the directive followed an earlier correspondence dated April 15, 2026, and was issued in line with the provisions of the Economic and Financial Crimes Commission (Establishment) Act, 2004 and the Money Laundering (Prevention and Prohibition) Act, 2022.
The letter stated, “You are kindly requested to place a Post-No-Debit on the account. This request is made pursuant to Section 38 (1) and (2) of the Economic and Financial Crimes Commission (Establishment) Act, 2004 and Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Sources within the anti-graft agency said the investigation into the Osun State Government had been ongoing for more than a year and was not connected to the forthcoming governorship election.
One of the sources said, “We have been investigating the government for over a year. Some top government officials have honoured our invitations and made statements. So, it is not because of the forthcoming election.”
Attempts to obtain an official response from the EFCC spokesperson, Dele Oyewale, were unsuccessful, as calls and text messages sent to him had not been responded to as of the time this report was filed.
The latest development came hours after Osun State Governor Ademola Adeleke alleged that the EFCC was planning to freeze the accounts of the state government and some senior government officials ahead of the August 15 governorship election.
In a statement issued by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the governor described the planned action as an attempt to disrupt government activities before the election.
Adeleke maintained that the anti-graft agency lacked the legal authority to freeze the accounts of a state government.
“There is no legal basis or justification for any move to freeze the state government’s accounts. The anti-graft agency has no legal powers to freeze the account of a state government,” the governor said.
The account restriction is expected to further heighten political tension in Osun State as preparations continue for the governorship election scheduled for August 15.
