EFCC freezes Osun allocation account ahead of 2027 poll
The Economic and Financial Crimes Commission (EFCC) has directed First Bank to place a post-no-debit restriction on Osun State Government’s statutory allocation account as part of an ongoing investigation.
In a letter dated August 5, 2026, the commission instructed the bank to prevent withdrawals from the account pending the conclusion of the investigation.
Abimbola Joseph
The Economic and Financial Crimes Commission (EFCC) has directed First Bank to place a post-no-debit restriction on Osun State Government’s statutory allocation account as part of an ongoing investigation.
In a letter dated August 5, 2026, the commission instructed the bank to prevent withdrawals from the account pending the conclusion of the 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 and copied to the bank’s Chief Compliance Officer.
The affected account was identified as the “Osun State Government Statutory Allocation” account.
The EFCC said 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 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,” the letter stated.
Sources within the commission said the investigation had been ongoing for more than a year and was not connected to the forthcoming governorship election in the state.
According to one of the sources, several senior officials of the Osun State Government had previously honoured invitations from the commission and made statements in connection with the investigation.
“We have been investigating the government for over a year. Some top government officials were invited, and they appeared and made statements. Therefore, the investigation is not because of the forthcoming election,” the source said.
Efforts to obtain a response from the EFCC spokesperson, Dele Oyewale, were unsuccessful, as calls to his telephone line were not answered. He had also not responded to a text message seeking clarification as of the time of filing this report.
The development came hours after Osun State Governor Ademola Adeleke alleged that the EFCC was planning to freeze the state government’s accounts and those of some senior officials ahead of the governorship election.
In a statement issued by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the governor described the alleged move as an attempt to disrupt the activities of his administration before the election.
Adeleke maintained that the EFCC lacked the legal authority to freeze the account 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 power to freeze the account of a state government,” the governor said. The restriction is expected to heighten political tension in Osun State as preparations continue for the governorship election.
