EFCC Freezes Osun State Allocation Account Amid Probe

The Economic and Financial Crimes Commission (EFCC) has issued a directive to freeze the Osun State Government's statutory allocation account, preventing any withdrawals as part of an ongoing investigation. A letter dated August 5, 2026, signed by Assistant Commander Adenike Babalola for the Director of Investigation, instructed First Bank to impose a post-no-debit restriction on the account identified as “Osun State Government Statutory Allocation” with account number 2017170947.

This action follows an earlier correspondence from April 15, 2026, and is based on provisions from the Economic and Financial Crimes Commission (Establishment) Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022. Sources within the EFCC indicated that the investigation has been ongoing for over a year, with several senior officials already providing statements.

Osun State Governor Ademola Adeleke criticized the EFCC's actions, claiming they are politically motivated ahead of the upcoming governorship election, asserting that the agency lacks the legal authority to freeze state accounts.