The Economic and Financial Crimes Commission (EFCC) has directed First Bank to stop all withdrawals from the Osun State Government’s statutory allocation account as part of an ongoing investigation.
In a letter dated August 5, 2026, the anti-graft agency instructed the bank to place a post-no-debit restriction on the account until its investigation is concluded. The directive, signed by Assistant Commander Adenike Babalola on behalf of the Director of Investigation, applies to the Osun State Government Statutory Allocation account.
The EFCC said the action follows an earlier letter sent on April 15, 2026, and is backed by the provisions of the EFCC Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022.
Sources within the commission said the investigation has been ongoing for more than a year and is unrelated to the forthcoming election. According to the sources, several senior Osun State government officials have previously appeared before the commission and submitted written statements.
The EFCC spokesperson, Dele Oyewale, could not be reached for comment as calls and a text message sent to him were not answered at the time this report was filed.
