The EFCC has explained why it issued the “Post-no-Debit” (PND) order on the account of the Osun State Government domiciled with the First Bank of Nigeria.
The anti-graft agency in a statement explained that it took the action to prevent the looting of about N11 billion belonging to the state.
The PND order on the Osun State Government Statutory Allocation Account was made public by the Osun State government, which had accused the anti-graft agency of attempts at paralysing government activities few days to the August 15, governorship election.
While claiming that the said account WAs one of the government’s salary accounts, the government in a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, stated that the action of the EFCC was aimed at disrupting the operations of the Adeleke-led administration barely few days to the governorship election in Osun State.
Reacting, the anti-graft agency maintained that its decision to freeze the Osun State Government account had nothing to do with the forthcoming election but rather its investigation of an alleged N11 billion fraud.
Specifically, the commission maintained that, “The Osun State government account was frozen to save public funds from being looted.”
It disclosed that some officials of the state government, including the Accountant- General of the State, have had interview sessions with investigators of the EFCC.
According to the statement signed by Head, Media and Publicity, EFCC, Mr. Dele Oyewale, the officials are being investigated over their handling of the Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC).
“The Economic and Financial Crimes Commission (EFCC), is 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 has been busy investigating the Osun state government since March, 2026, regarding alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee, FAAC account to the tune of N11, 000,000, 000(Eleven Billion Naira only). To this end, some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC”, the statement.
The commission observed that the ongoing investigations would not have warranted any placement of PND order on the state’s 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.
“The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources. The Commission cannot watch idly while a state government’s account is being pillaged.
“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 statement added.
The EFCC disclosed that besides Osun State, many other states are on the investigative radar of the Commission to ensure accountability and probity.
The commission reiterated that it is a non-partisan and non-sectarian agency that is always working in the overall interests of Nigerians.
“The Osun State government account was frozen to save public funds from being looted.
“The public is enjoined to ignore false narratives and deliberate demonization of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the Commission,” he added.
A copy of the EFCC’s letter showed that the PND order was sequel to an earlier letter to the Managing Director of First Bank dated April 15, 2026, in respect of “investigation activities”.
The letter signed by one ACE, Adenike Babalola on behalf of the Director, Investigation read in part: “In furtherance to the above you are kindly requested to place a Post-no-Debit on the account.
“The request is made pursuant to Section 38(1)&(2) of the EFCC Act, 2004 and Section 24 of the Money Laundering Prevention Act, 2022”.
Chuks Okocha, Alex Enumah, Yinka Kolawole and Wale Igbintade
