Economic and Financial Crimes Commission (EFCC) yesterday explained why it placed a Post No Debit (PND) on the Osun State bank account with First Bank.
The anti-graft agency froze the account because of alleged fraudulent handling of N11 billion ecology funds, intervention funds and Federal Account Allocation Committee (FAAC), EFCC spokesman Dele Oyewale said in statement last night.
But Governor Ademola Adeleke berated the agency, describing the action as an abuse of due process, insisting that the commission obtained no court order before directing the bank to freeze the state account.
He said the Attorney-General and Commissioner for Justice has been directed to challenge the EFCC action before the Federal High Court (FHC) in Osogbo, the state capital
In the EFCC statement, Oyewale said the state has been under probe since March with the state’s accountant-general and some government officials already quizzed.
The PND order was placed on the affected account because the EFCC intercepted huge transfers of funds to different suspicious accounts since August 2.
According to the EFCC, there were huge transfers of funds into different corporate entities and it had to swiftly halt the trend to save public funds.
The action has nothing to do with August 15 Osun governorship poll, Oyewale clarified in the statement.
It reads: ‘The 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 EFCC investigators.
‘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.’
The EFCC said it acted within its establishment mandate to prevent fraud.
It added: ‘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.
‘It is equally needful to state that the commission is keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the Commission to ensure accountability and probity.
‘The commission has always pointed out that it is non-partisan and non-sectarian but 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.
Adeleke kicks
Adeleke insisted that the freezing of the account was the latest in what he described as sustained intimidation against his administration and members of the ruling Accord party ahead of the governorship election.
‘We received a letter from our banker this morning forwarding a letter from the EFCC instructing the bank to freeze Osun State Government account,’ the governor told reporters during news conference at the Oke Fia Government House.
He went further: ‘This action was taken without any court order. We are supposed to be in a democracy where the rule of law must always prevail.’
‘We will not accept a situation where federal agencies trample on the constitutional rights of sub-national governments.’
The governor challenged the agency to publicly explain the basis for freezing the account and provide evidence to justify the action.
‘All I ask is for the EFCC Chairman (Olanipekun Olukoyede) to explain to the good people of Osun State and to Nigerians in general why he froze Osun State Government account and show proof to support whatever reason he presents,’ he said.
The governor also linked the development to what he described as months of political persecution against his administration.
He maintained that despite the development, his administration would continue with its re-election campaign.