Osun State is heading to court after the Economic and Financial Crimes Commission ordered First Bank to freeze its statutory allocation account.
The Attorney-General and Commissioner for Justice, Oluwole Jimi-Bada, told journalists in Osogbo on Wednesday that the EFCC sent a “post-no-debit” directive to First Bank on August 5, 2026. The letter, signed by Assistant Commander Adenike Babalola for the Director of Investigation, cited Section 38(1) and (2) of the EFCC Act 2004 and Section 24 of the Money Laundering Act 2022.
The affected account is listed as “Osun State Government Statutory Allocation,” number 2017170947. The EFCC said the move was a follow-up to an earlier letter from April 15, 2026, and that it was part of an ongoing investigation.
Jimi-Bada said the restriction would disrupt government operations in the coming days, but the state would challenge it to ensure the agency acts within the law.
Finance Commissioner Sola Ogungbile, who was at the same briefing, also alleged that police operatives went to the main First Bank branch in Osogbo and arrested some bank staff.
The freeze comes days after Governor Ademola Adeleke raised the alarm at the Government House. In a statement by Information Commissioner Kolapo Alimi, Adeleke said on Tuesday that the EFCC planned to freeze all state government accounts, and possibly those of top officials, ahead of the August 15 governorship election. He described the plan as “the height of lawlessness” meant to paralyze government activities.
The EFCC spokesperson, Dele Oyewale, had not responded at the time of filing. However, a source who confirmed the letter to The Punch said the probe of Osun State did not start recently and has been running for more than a year.
The standoff sets up a legal clash between Osun and the anti-graft agency just 10 days before voters go to the polls.
