The Economic and Financial Crimes Commission (EFCC) has directed First Bank to prevent withdrawals from the Osun State Government’s statutory allocation account pending the conclusion of an ongoing investigation.
According to Punch, the directive was contained in a letter dated August 5, 2026, and signed by an Assistant Commander of the EFCC, Adenike Babalola, on behalf of the commission’s Director of Investigation.
The anti-graft agency instructed the bank to place a Post-No-Debit restriction on the account, effectively preventing the state government from withdrawing or transferring funds from it.
The letter, with reference number 3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666, was addressed to the Managing Director of First Bank, with the Chief Compliance Officer copied for attention.
The affected account was identified as “Osun State Government Statutory Allocation,” with account number 2017170947.
The commission said the latest directive followed an earlier letter sent to the bank on April 15, 2026, in connection with the investigation.
The letter reads, “Refer to our letter CR:3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/165 dated 15th April, 2026, on the above subject.
“In furtherance to the above, you are kindly requested to place a Post-No-Debit on the account.”
Although the commission confirmed that the restriction was connected to an investigation, the letter did not provide details of the allegations being examined or identify individuals linked to the probe.
The EFCC said the request was made under provisions of the law empowering it to demand financial information and restrict transactions during investigations.
It stated, “This request is made pursuant to Section 38 (1) and (2) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, and Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Thank you for your usual cooperation, please.”
A Post-No-Debit restriction prevents funds from leaving an account while allowing incoming payments, unless otherwise directed by the relevant authority.
