Osun State Governor, Senator Ademola Adeleke, has raised a major alarm after the Economic and Financial Crimes Commission directed First Bank to freeze the state government’s account. The Governor revealed this development during an emergency press conference in Osogbo, where he strongly criticized the move as an overreach that bypasses the rule of law.
The request to halt financial operations stems from a letter dated August 5, 2026, signed by the commission’s Director of Investigation, Adenike S. Babalola. According to information obtained by Zoyols News, the document cites specific provisions from the Economic and Financial Crimes Commission Establishment Act and the Money Laundering Act as the legal basis for placing a post-no-debit restriction on the state’s funds. Notably, the Governor emphasized that this directive was issued without any accompanying court order.
Governor Adeleke characterized the freeze as a deliberate effort to manipulate the upcoming governorship election scheduled for August 15. He expressed deep concern for the state of democracy, arguing that federal agencies should not be allowed to undermine the constitutional rights of sub-national governments. In his view, allowing such actions to go unchallenged sets a dangerous precedent that threatens to erode the foundations of democratic governance.
During the briefing, the Governor challenged the commission to provide clear reasons and concrete evidence for this action to both the people of Osun and the broader Nigerian public. He labeled the move an illegality that effectively makes a mockery of the nation’s democratic processes.
As a direct response to this situation, the Governor announced that he has directed the state’s Attorney General, Jimi Bada, to formally challenge the restriction at the Federal High Court in Osogbo. The legal team is expected to seek a swift resolution to ensure the state’s administration can continue its functions without further disruption.
