The Economic and Financial Crimes Commission (EFCC) has directed First Bank Plc to place a Post-No-Debit restriction on the Osun State Government Statutory Allocation Account, a move that effectively freezes the account barely 10 days before the August 15 governorship election in the state.
The directive was conveyed in an official letter dated August 5, 2026, addressed to the Managing Director of First Bank in Abuja and copied to the bank’s Chief Compliance Officer.
The letter, obtained by SaharaReporters, bears the reference number CR:3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666 and identified the affected account as “Osun State Government Statutory Allocation Acct.” with account number 2017170947.
According to the EFCC, the restriction forms part of an ongoing investigation involving the state government’s account.
The commission referred to an earlier correspondence dated April 15, 2026, and instructed the bank to take further action.
“In furtherance to the above, you are kindly requested to place a Post-No-Debit on the account,” the letter stated.
The anti-graft agency said the request was 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 was signed by Adenike S. Babalola on behalf of the Director of Investigation and concluded with an expression of appreciation for the bank’s cooperation.
It also carried a classification notice warning that unauthorised disclosure could attract prosecution under the Official Secrets Act, 1962.
The development came only hours after Osun State Governor Ademola Adeleke publicly alleged that the EFCC was planning to freeze the accounts of the state government ahead of the governorship election.
In a statement issued earlier on Wednesday through the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, the governor said he had received credible reports that the anti-graft agency had concluded plans to freeze all Osun State government accounts.
The statement further alleged that the EFCC intended to extend the restriction to the accounts of senior government officials.
Adeleke argued that such a move would cripple governance by preventing the state from carrying out its constitutional obligations and implementing public programmes.
According to the governor, freezing the accounts of a sitting state government on the eve of a major election would amount to an abuse of power and an attempt to paralyse government activities.
“The governor said such a plan, if true, amounts to the height of lawlessness,” the statement read, adding that the alleged action was intended to disrupt governance ahead of the August 15 poll.
The governor also questioned the legal basis for freezing the account of a state government, insisting that the EFCC lacks constitutional and statutory authority to take such action.
He maintained that there was no lawful justification for restricting the state government’s account and described the reported move as unconstitutional.
However, the EFCC’s directive to First Bank now confirms that the Osun State Government Statutory Allocation Account has indeed been placed under a Post-No-Debit restriction as part of what the commission described as an ongoing investigation.
The restriction means that no withdrawals or debit transactions can be carried out on the account until the EFCC lifts the order or a competent court directs otherwise.
The timing of the action has generated significant political controversy because it comes just days before voters are expected to elect the next governor of Osun State.
Opposition figures have argued that freezing the state’s allocation account so close to the election could affect salary payments, project execution and other government activities.
The development has also intensified political tensions in the state, with supporters of the governor describing the action as an attempt to weaken the administration before the election.
Prior to the latest directive, the administration of President Bola Ahmed Tinubu had already faced allegations from opposition parties that federal agencies were being deployed in ways that could influence the outcome of the Osun governorship election in favour of the ruling All Progressives Congress (APC).
Those allegations have not been substantiated, and federal authorities have repeatedly denied using state institutions for partisan purposes.
As of the time of filing this report, the EFCC had not issued any public statement explaining the specific allegations under investigation or whether any court order was obtained before the Post-No-Debit restriction was imposed on the Osun State Government account.
The freezing of the account is expected to trigger further legal and political contestation in the coming days as the state approaches the August 15 governorship election.
