The Economic and Financial Crimes Commission (EFCC) has directed First Bank of Nigeria to freeze withdrawals from the Osun State Government’s statutory allocation account as part of an ongoing investigation.
In a letter dated 5 August 2026, the commission instructed the bank to place a post-no-debit restriction on the account pending the conclusion of its investigation.
The directive was signed by Adenike Babalola, Assistant Commander of the EFCC, on behalf of the Director of Investigation.
The affected account, identified as “Osun State Government Statutory Allocation”, bears the account number 2017170947.
EFCC Cites Legal Provisions
According to the commission, the directive follows an earlier correspondence dated 15 April 2026.
The EFCC stated that its action is based on:
- Section 38(1) and (2) of the EFCC (Establishment) Act, 2004
- Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022
The commission requested the bank to prevent all debit transactions on the account until further notice.
Investigation Predates Election Season
Sources within the anti-graft agency said the investigation into the Osun State Government has been ongoing for more than one year.
According to the sources, several senior officials of the state government had previously honoured EFCC invitations. They also made statements as part of the investigation. One source dismissed suggestions that the action was politically motivated.
“We have been investigating the government for over a year. Some top officials have already appeared before the commission and made statements. It is not because of the forthcoming election,” the source said.
Adeleke Had Raised Concerns
The development comes only hours after Osun State Governor Ademola Adeleke alleged that the EFCC planned to freeze the state’s accounts ahead of the governorship election.
In a statement issued through the Commissioner for Information, Kolapo Alimi, Adeleke argued that the anti-corruption agency lacked the constitutional authority to freeze a state government’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.
EFCC Yet To Comment Publicly
Attempts to obtain an official response from EFCC spokesperson Dele Oyewale were unsuccessful. At the time of reporting, calls and text messages seeking comment had not been answered.
The latest development is expected to intensify political tension in Osun State. Especially as preparations continue for the forthcoming governorship election.
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