Amid rising political tension in Osun State as it heads to a gubernatorial election next Saturday, August 15, the Economic and Financial Crimes Commission (EFCC) has frozen the state's statutory allocation account domiciled with First Bank.
Governor Ademola Adeleke disclosed this during a press conference in Osogbo.
He described the action as an attempt to disrupt the operations of his administration.
According to him, the EFCC had earlier invited several government officials for questioning.
He said freezing the statutory allocation account was beyond the commission’s legal powers.
Governor Adeleke insisted the move was politically motivated and aimed at frustrating his re‑election bid.
The affected account, used for the payment of workers’ salaries, has been placed under a Post‑No‑Debit restriction.
This prevents withdrawals and other debit transactions while allowing deposits to continue pending investigation.
State Commissioner for Finance Olusola Ogungbile confirmed that some First Bank staff had been arrested by the EFCC.
He said they were handed over to the Nigeria Police for further investigation.
Attorney General Oluwole Jimoh Bada announced that the state government had directed its legal team to challenge the EFCC’s action at the Federal High Court in Osogbo.
EFCC Directive
According to another online media, Punch, the EFCC directive was contained in a letter dated August 5, 2026.
It was signed by Assistant Commander Adenike Babalola on behalf of the commission’s Director of Investigation.
The letter instructed First Bank to place a Post‑No‑Debit restriction on the account.
The account was identified as “Osun State Government Statutory Allocation” with account number 2017170947.
The commission said the request was made under Section 38 of the EFCC Act, 2004, and Section 24 of the Money Laundering Act, 2022.
A Post‑No‑Debit restriction prevents funds from leaving an account while allowing incoming payments unless otherwise directed.
