Key points

• The EFCC directed First Bank on August 5 to freeze Osun State’s statutory allocation account under an ongoing investigation
• Governor Ademola Adeleke had earlier warned that the EFCC was planning to freeze state government accounts ahead of the election
• Adeleke argues the freeze will paralyze governance and alleges the move is politically motivated ahead of the August 15 poll

The Economic and Financial Crimes Commission has directed First Bank to place a Post-No-Debit restriction on the Osun State Government Statutory Allocation Account, effectively freezing state funds barely 10 days before voters head to the polls on August 15.

The directive, contained in an official letter dated August 5, 2026, and addressed to First Bank’s Managing Director in Abuja, identified the affected account as the “Osun State Government Statutory Allocation Acct.” with account number 2017170947.

The EFCC stated that the action forms part of its ongoing investigation activities.

EFCC cites money laundering statutes as legal basis

The commission grounded its directive in 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 for the Director of Investigation, referenced an earlier communication from April 15, 2026, suggesting the probe predates the current election season.

The document carried a classification notice warning that unauthorized disclosure could lead to prosecution under the Official Secrets Act, 1962. Nevertheless, the letter was obtained and published by SaharaReporters on Wednesday, the same day Governor Ademola Adeleke publicly raised the alarm about the planned action.

Adeleke accuses EFCC of political interference ahead of polls

Hours before the EFCC directive became public, Adeleke issued a statement through the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, alleging that the anti-graft agency had concluded plans to freeze all Osun State government accounts, including those belonging to top government officials.

The governor argued that freezing the statutory allocation account would severely disrupt governance, preventing the state from meeting its constitutional obligations and implementing public programmes in the weeks ahead of the election.

He also challenged the legal basis for the action, insisting the EFCC lacks constitutional authority to freeze a state government’s accounts.

“The plot to freeze the state government accounts is meant to paralyze government activities ahead of the August 15 governorship election,” the governor’s statement read.

The Tinubu administration has faced prior accusations of deploying federal agencies to tilt the outcome of the Osun election in favor of the All Progressives Congress. Neither the EFCC nor the presidency had issued a public response to Adeleke’s political interference allegations as of Wednesday.