Accounts at First Bank and Zenith Bank become operational after weeks of restriction over alleged ₦11bn fund diversion

The Economic and Financial Crimes Commission (EFCC) has lifted its restriction on the bank accounts of the Osun State Government, bringing to an end weeks of uncertainty over the state’s access to funds.

The accounts, domiciled with First Bank of Nigeria and Zenith Bank, became fully operational again on Friday after the anti-graft agency vacated the Post No Debit (PND) order it had placed on them.

The EFCC had on August 5 restricted transactions on the accounts as part of an investigation into the alleged mismanagement and diversion of about ₦11 billion belonging to the state.

The investigation, which reportedly began in March 2026, centres on funds received by the Osun State Government under Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).

The restriction generated significant controversy, with critics accusing the EFCC of using its powers to exert political pressure on the state government, particularly ahead of the recently concluded election.

The controversy escalated after President Bola Tinubu described the EFCC's action as embarrassing and directed the commission to release the accounts.

Following his declaration as the winner of the election, Governor Ademola Adeleke subsequently directed the state's Attorney-General and Commissioner for Justice, Oluwole Jimi-Bada (SAN), to withdraw a lawsuit filed against the EFCC over the account restriction.

Although both the EFCC and the Osun State Government had largely kept quiet about the development, the presidential directive appears to have brought the dispute to a close.

Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, confirmed on Friday that the restriction had been lifted.

“The lien has been lifted. EFCC cannot ignore the presidential order. I can confirm to you that it was done immediately,” Ajayi told journalists.

He added that the absence of further complaints from the state government was an indication that the accounts had been restored.

“If it was not lifted, the Osun State Government would have made it a campaign issue. The fact that they are not talking about it shows it has been done,” he said.

An aide to Governor Adeleke, who spoke on condition of anonymity, also confirmed that the Post No Debit order had been vacated.

“The accounts are now functional. That was why Mr Governor directed the Attorney-General to withdraw the suit against EFCC,” the aide said in Abuja on Friday.

The EFCC had maintained that its action was connected to an ongoing investigation and was intended to prevent the alleged diversion of public funds while the inquiry continued.

However, the restriction attracted criticism from political actors and members of the public who questioned the timing and implications of freezing the state government's accounts.

As of the time of filing this report, the EFCC had not issued a fresh public statement on the lifting of the restriction.

Calls and messages sent to EFCC spokesperson Dele Oyewale were unanswered.

Attempts to reach Osun State Commissioner for Finance, Sola Ogungbile, were also unsuccessful as his telephone line was unreachable.

Governor Adeleke's spokesperson, Olawale Rasheed, requested time to consult relevant officials but had not responded by press time.

With the accounts now accessible, the immediate legal dispute between the Osun State Government and the EFCC appears to have eased, although questions surrounding the alleged ₦11 billion fund transactions remain subject to the commission's investigation.