The Economic and Financial Crimes Commission (EFCC) has explained why it placed a Post No Debit (PND) restriction on an Osun State Government account with First Bank, saying the action was taken to prevent the alleged diversion of public funds under investigation.
In a statement on Thursday, EFCC spokesperson Dele Oyewale said the commission has been investigating the state government since March 2026 over the alleged mismanagement of ₦11 billion in Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations.
According to the EFCC, the state’s Accountant-General and other government officials have already been questioned as part of the ongoing investigation.
The anti-graft agency said the decision to freeze the account was prompted by what it described as suspicious transfers of large sums of money into multiple corporate accounts beginning on August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” the statement said.
The EFCC stressed that the action was unrelated to the forthcoming August 15 Osun governorship election, insisting it was acting solely to protect public funds.
The commission maintained that freezing the account fell within its statutory mandate to prevent financial crimes and safeguard government resources.
“The commission cannot watch idly while a state government’s account is being pillaged,” it said.
It added that other state governments are also under investigation, insisting its operations are non-partisan and guided solely by the law.
Governor Ademola Adeleke condemned the account freeze, describing it as an abuse of due process and accusing the EFCC of acting without obtaining a court order.
Speaking at a press conference at the Government House in Osogbo, Adeleke said his administration had directed the Attorney-General and Commissioner for Justice to challenge the EFCC’s action before the Federal High Court.
“We received a letter from our banker this morning forwarding a letter from the EFCC instructing the bank to freeze the Osun State Government account. This action was taken without any court order,” the governor said.
Adeleke argued that the action violated constitutional principles and questioned the legal basis for freezing the state’s account.
He called on EFCC Chairman Olanipekun Olukoyede to publicly explain the reasons behind the restriction and provide evidence to support the allegations.
The governor also alleged that the account freeze was part of a sustained campaign of political intimidation against his administration and the ruling Accord Party ahead of the governorship election.
Despite the development, Adeleke said his administration would continue its governance and re-election campaign while pursuing legal redress.
