The Economic and Financial Crimes Commission has directed First Bank to freeze the Osun State Government’s statutory allocation account as part of an ongoing investigation, a move that has sparked political tension just days before the state’s governorship election .
A letter dated August 5, 2026, signed by Assistant Commander Adenike Babalola on behalf of the EFCC Director of Investigation, instructed the bank to place a “Post-No-Debit” restriction on the account pending the conclusion of the probe . The affected account, identified as “Osun State Government Statutory Allocation” with account number 2017170947, is reportedly used for payment of workers’ salaries .
The EFCC cited 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, as the legal basis for the directive . The commission noted that the action followed an earlier correspondence dated April 15, 2026 .
Sources within the anti-graft agency insisted that 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 election . “We have been investigating the government for over a year. Some top officials of the government had been invited; they came and wrote statements. So it is not because of the forthcoming election,” a source told The PUNCH .
The development came hours after Governor Ademola Adeleke alleged that the EFCC was plotting to freeze the state’s accounts and those of top government officials ahead of the August 15 governorship poll . In a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the governor described the reported move as an attempt to cripple government activities before the election .
“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,” Adeleke declared .
The governor has directed the state Attorney General, Oluwole Jimi-Bada, to challenge the EFCC’s action at the Federal High Court in Osogbo . Jimi-Bada confirmed that he has the mandate to proceed with legal action, stating: “EFCC can investigate the accounts but it can’t freeze the accounts without order of court. This step will affect government running but we will challenge the move and ensure that the agency acts within the ambit of the law” .
The state Commissioner for Finance, Sola Ogungbile, alleged that police operatives had stormed the main branch of First Bank in Osogbo and arrested some staff members of the bank . He also maintained that Governor Adeleke was not using state funds for his campaigns and urged the anti-graft agency to consider the implications of the move on the general well-being of residents .
As of the time of filing this report, the EFCC spokesperson, Dele Oyewale, had not responded to calls or text messages seeking comment on the development . The reason for the account restriction has also not been publicly disclosed by the commission .
