The Economic and Financial Crimes Commission (EFCC) has directed First Bank Plc to place a Post-No-Debit (PND) restriction on the Osun State Government’s Statutory Allocation Account, effectively freezing the account just 10 days before the August 15 governorship election.
The move comes amid escalating political tension in the state and follows Governor Ademola Adeleke’s earlier allegation that the anti-graft agency was planning to freeze the state’s accounts in what he described as an attempt to paralyse his administration ahead of the election.
An official EFCC letter dated August 5, 2026, addressed to the Managing Director of First Bank Plc, Abuja, with attention to the bank’s Chief Compliance Officer, instructed the financial institution to immediately impose a Post-No-Debit restriction on the account.
The affected account was identified as the Osun State Government Statutory Allocation Account (Account No. 2017170947).
The correspondence, referenced CR:3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666, stated that the directive forms part of an ongoing investigation being conducted by the commission.
According to the letter, the action was a follow-up to an earlier communication dated April 15, 2026.
“In furtherance to the above, you are kindly requested to place a Post-No-Debit on the account,” the EFCC directed.
The commission said the directive was issued pursuant to Section 38 (1) and (2) of the EFCC (Establishment) Act, 2004, and Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The letter, signed by Adenike S. Babalola on behalf of the Director of Investigation, also carried a security classification warning, stating that the document is classified and that unauthorised disclosure could attract prosecution under the Official Secrets Act, 1962.
The development appears to validate concerns earlier expressed by Governor Adeleke, who had warned that the EFCC was preparing to freeze not only government accounts but also those belonging to senior officials in his administration.
In a statement issued in Osogbo by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, the governor described the alleged plan as a direct assault on democratic governance.
Adeleke argued that freezing the state’s accounts would severely disrupt government operations by preventing the payment of salaries, execution of public projects and implementation of essential programmes.
He further maintained that such an action, if carried out, would amount to an abuse of power designed to cripple his administration on the eve of a crucial governorship election.
The governor also questioned the legal authority of the EFCC to freeze the accounts of a constitutionally recognised state government, insisting that neither the Constitution nor existing laws confer such powers on the anti-graft agency.
The EFCC’s latest directive to First Bank confirms that the state’s statutory allocation account has now been placed under a Post-No-Debit restriction as part of what the commission describes as an ongoing investigation.
The action comes barely 10 days before Osun voters head to the polls to elect their next governor, a development that is expected to further intensify the political atmosphere in the state.
The administration of President Bola Tinubu has previously faced allegations from opposition figures of deploying federal institutions to influence the outcome of the forthcoming governorship election in favour of the ruling All Progressives Congress (APC). The Federal Government has consistently denied such accusations.