The freeze lands 10 days before the August 15 governorship election, hours after Governor Adeleke alleged a politically motivated plot
The Osun State government has threatened legal action against the Economic and Financial Crimes Commission (EFCC) over the freezing of its statutory allocation account with First Bank, ten days before the state’s 15 August governorship election.
Oluwole Jimi-Bada, Osun Attorney-General and Commissioner for Justice, disclosed this on Wednesday during a briefing with journalists in Osogbo.
Why the EFCC froze the account
In a letter dated 5 August 2026 and signed by Adenike Babalola, Assistant Commander of the EFCC, on behalf of the Director of Investigation, the anti-graft agency directed First Bank not to allow withdrawals from the account, identified as “Osun State Government Statutory Allocation,” account number 2017170947, pending the conclusion of an ongoing investigation. The letter, referenced 3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666, was addressed to First Bank’s Managing Director and cited a prior letter dated 15 April 2026 on the same matter.
“In furtherance to the above, you are kindly requested to place a Post-No-Debit on the account. 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 read. The EFCC did not disclose further detail on the specific basis for the investigation in the correspondence.
Jimi-Bada said the restriction would hamper government operations in the coming days. “This step will affect government running, but we will challenge the move and ensure that the agency acts within the ambit of the law,” he said. Sola Ogungbile, Commissioner for Finance, who was also present, alleged that police operatives had stormed First Bank’s main branch in Osogbo and arrested some staff members.
Adeleke alleges a politically motivated plot
The development followed an alarm raised a day earlier by Governor Ademola Adeleke, who alleged the EFCC had concluded plans to freeze all Osun State government accounts, as well as those of senior government officials, ahead of the election.
In a statement issued Wednesday, Commissioner for Information and Public Enlightenment Kolapo Alimi said Adeleke described the alleged plan as “the height of lawlessness,” adding that “the plot to freeze the state government accounts is meant to paralyse government activities ahead of the governorship election.”
Speaking directly to journalists on Wednesday, Adeleke asked EFCC Chairman Ola Olukoyede to publicly explain and provide proof for the basis of the freeze.
“All I ask is for the EFCC chairman to explain to the good people of Osun State and to Nigerians in general, why he froze Osun State Government Account, and show proof to support whatever reason he presents,” Adeleke said, adding that the state would not accept federal agencies “trampling upon the rights of state governments.” He said he had instructed the Attorney-General to challenge the action at the Federal High Court.
When contacted, EFCC spokesperson Dele Oyewale said he would respond to a request for comment but had not done so as of the time of this report.
A source close to the matter told Punch that the underlying investigation into the Osun State government predates the current controversy, saying it had been ongoing for more than a year rather than being newly initiated ahead of the election.
