The Economic and Financial Crimes Commission (EFCC) has directed that no withdrawals be made from the Osun State Government’s statutory allocation account as part of an ongoing investigation.
In a letter dated August 5, 2026, the anti-graft agency instructed First Bank to place a post-no-debit restriction on the account pending the conclusion of its investigation.
The letter, signed by the Assistant Commander of the EFCC, Adenike Babalola, on behalf of the Director of Investigation, was addressed to the bank’s Managing Director, with attention to the Chief Compliance Officer.
The affected account was identified as “Osun State Government Statutory Allocation” with account number 2017170947.
According to the commission, the directive followed an earlier correspondence dated April 15, 2026, and was issued 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.
The letter stated:
“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.”
Sources within the EFCC said the investigation into the Osun State Government has been ongoing for more than a year and is unrelated to the forthcoming governorship election.
One of the sources said several senior officials of the state government had already honoured invitations from the commission and provided written 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 obtain a reaction from the EFCC spokesperson, Dele Oyewale, were unsuccessful, as calls to his telephone line were not answered, while a text message sent to him had not been replied to as of the time of filing this report.
The development comes hours after Osun State Governor Ademola Adeleke alleged that the EFCC was planning to freeze the accounts of the state government and some top officials ahead of the state’s governorship election.
In a statement issued by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the governor described the reported move as an attempt to cripple his administration before the poll.
Adeleke also argued that the anti-graft agency lacked the legal authority to freeze the account of a state government.
“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 expected to heighten political tension in Osun State as preparations continue for the forthcoming governorship election.
