The Economic and Financial Crimes Commission (EFCC) has directed First Bank to freeze withdrawals 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 the bank to place a “Post-No-Debit” restriction on the account pending the conclusion of its investigation.
The letter, signed by Assistant Commander of the EFCC, Adenike Babalola, on behalf of the Director of Investigation, was addressed to the Managing Director of First Bank, with attention to the bank’s Chief Compliance Officer.
The affected account, identified as the Osun State Government Statutory Allocation account, bears 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 EFCC (Establishment) Act, 2004, and Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The letter directed the bank to prevent all debit transactions on the account until further notice.
Sources within the EFCC said the investigation into the Osun State Government had been ongoing for more than a year, dismissing suggestions that the action was linked to the forthcoming governorship election.
According to one of the sources, several senior officials of the state government had previously honoured invitations from the commission and made statements as part of the investigation.
“We have been investigating the government for over a year. Some top government officials have appeared before the commission and wrote statements. So it is not because of the forthcoming election,” the source said.
Efforts to obtain the reaction of the EFCC spokesperson, Dele Oyewale, were unsuccessful as he did not respond to telephone calls or a text message seeking comment.
The development came hours after Governor Ademola Adeleke alleged that the EFCC was planning to freeze the accounts of the Osun State Government and some top 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 reported move as an attempt to cripple the activities of his administration before the election.
Adeleke also argued that the EFCC lacked the legal authority to freeze the account of a state government.
The latest action is expected to intensify political tension in Osun State as preparations continue for the governorship election.