The Economic and Financial Crimes Commission (EFCC) has explained that the restriction placed on one of the Osun State Government’s bank accounts is part of an ongoing investigation.
According to reports, the anti-graft agency instructed First Bank to place a Post-No-Debit (PND) restriction on the state’s statutory allocation account, preventing withdrawals and fund transfers until the investigation is concluded.
The directive was conveyed in a letter dated August 5, 2026, reportedly signed by Assistant Commander Adenike Babalola on behalf of the EFCC’s Director of Investigation.
Addressed to the Managing Director of First Bank, with a copy sent to the bank’s Chief Compliance Officer, the letter referenced account number 2017170947, identified as the Osun State Government Statutory Allocation account.
According to the EFCC, the latest directive followed an earlier correspondence sent to the bank on April 15, 2026, relating to the same investigation.
The commission requested that the account be placed under a Post-No-Debit restriction pending the outcome of its inquiry.
While confirming that the action is linked to an ongoing investigation, the EFCC did not disclose the nature of the allegations or identify any individuals connected to the case.
The agency stated that its directive was issued under the legal powers granted to it by Section 38(1) and (2) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, as well as Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022, which empower it to obtain financial information and restrict transactions where necessary during investigations.
A Post-No-Debit (PND) order prevents money from being withdrawn or transferred out of an account while still allowing deposits, unless otherwise directed by the relevant authority.