The Economic and Financial Crimes Commission (EFCC) has frozen the Osun state government statutory allocation account domiciled with First Bank, 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 Wednesday, August 5, and addressed to the managing director of First Bank, Abuja, with attention to the chief compliance officer.
The letter referenced CR:3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666, identified the affected account as “Osun state government statutory allocation account” with account number 2017170947.
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/OSUN/VOL.17/165 dated 15th April, 2026 on the above subject.”
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.”
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.
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