NBA Slams EFCC Over Reported Freezing Of Osun Govt.’s Account

The Nigerian Bar Association has faulted the Economic and Financial Crimes Commission over the reported freezing of Osun State Government bank account, saying the anti-graft agency lacks the constitutional power to impose a blanket restriction on a state’s finances without due legal process.

The EFCC on Wednesday directed that no money be withdrawn from the Osun State Government’s statutory allocation account as part of an ongoing investigation.

A letter dated August 5, 2026, and signed by the Assistant Commander of the EFCC, Adenike Babalola, for the Director of Investigation, instructed the bank to place a post-no-debit restriction on the account pending the conclusion of the probe.

The letter, referenced 3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666, was addressed to the Managing Director of First Bank, with attention to the Chief Compliance Officer.

It identified the affected account as “Osun State Government Statutory Allocation” with account number 2017170947.

The EFCC in a statement on Wednesday night said the action followed suspicious movement of funds amid an ongoing investigation into alleged fraudulent handling of about N11billion in Ecology Funds, Intervention Funds and Federal Account Allocation Committee allocations.

In a statement on Wednesday signed by its Head of Media and Publicity, Dele Oyewale, the anti-graft agency said it was “compelled to publicly address issues pertaining to its preventive moves in freezing the bank account of the Osun State government, without prejudice to the imminent governorship election in the state.”

The commission said it had been investigating the state government since March 2026 over the alleged mismanagement of the funds, disclosing that some officials, particularly the state’s Accountant-General, had been interviewed by its investigators.

According to the statement, the decision to place a Post No Debit order on the account was triggered by unusual fund movements detected from August 2, 2026.

“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since 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,”it said.

The EFCC insisted its action was not politically motivated despite the timing ahead of the Osun governorship election, stressing that it could not overlook financial infractions on account of the poll.

“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions.”

The commission further disclosed that Osun was not the only state under its watch, noting that several other states remained under investigation.