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, effectively freezing the account barely 10 days before the August 15 governorship election in the state.
The directive was contained in an official letter dated August 5, 2026, and addressed to the Managing Director of First Bank, Abuja, with attention to the Chief Compliance Officer.
The letter exclusively obtained by SaharaReporters, referenced CR:3000/EFCC/ABJ/HQ/PFS/TA/
According to the EFCC, the action forms part of its ongoing investigation activities.
The commission stated: “Refer to our letter CR:3000/EFCC/ABJ/HQ/PFS/TA/
It further directed the bank that, “In furtherance to the above, you are kindly requested to place a Post-No-Debit on the account.”
The anti-graft agency explained that the request was backed by existing laws.
“This request is made pursuant to Section 38 (1) & (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, signed by Adenike S. Babalola for the Director of Investigation, concluded: “Thank you for your usual cooperation, please.”
It also carried a classification notice stating: “This document is CLASSIFIED. Unauthorised disclosure could lead to prosecution under the Official Secrets Act, 1962.”
The development came hours after Osun State Governor, Ademola Adeleke, raised the alarm over what he described as credible reports that the EFCC was planning to freeze the accounts of the Osun State Government ahead of the August 15 governorship election.
Earlier on Wednesday, the governor, in a statement issued in Osogbo through the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, alleged that the anti-graft agency was also planning to freeze the bank accounts of top government officials.
According to the statement, “Osun State Governor, Senator Ademola Adeleke has raised an alarm over credible reports that the Economic and Financial Crimes Commission (EFCC) has concluded plans to freeze all Osun State government accounts.”
The statement further said, “The governor said the EFCC is also reportedly planning to freeze accounts of all top government functionaries.”
Adeleke argued that such action would severely affect governance by preventing the government from carrying out its constitutional responsibilities and implementing public programmes.
“The governor who said such a plan, if true, amounts to the height of lawlessness, said the plot to freeze the state government accounts is meant to paralyze government activities ahead of the August 15 governorship election,” the statement read.
The governor also challenged the legal basis for freezing the accounts of a state government, insisting that the EFCC lacks the constitutional and statutory powers to take such action.
According to the statement, “The governor affirmed that there is no legal basis or justification for any push to freeze the state government accounts, declaring that the anti-graft agency has no legal powers to freeze the account of a state government.”
The EFCC’s latest directive to First Bank confirms that the Osun State Government Statutory Allocation Account has now been placed under a Post-No-Debit restriction under what it terms part of the commission’s ongoing investigation, a development that comes just 10 days before voters head to the polls to elect the state’s next governor.
The Bola Tinubu administration has been accused prior now of trying to influence the outcome of the election including deploying state agencies to the advantage of the All Progressives Congress.