Osun account freeze puts EFCC’s investigative powers under legal scrutiny - Businessday NG

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The Economic and Financial Crimes Commission’s restriction of an Osun State Government statutory allocation account has triggered a legal debate over the extent of the agency’s power to freeze accounts without prior judicial authorisation, with legal experts pointing to a 72-hour limit for temporary investigative restrictions.

The controversy centres on whether the EFCC can sustain the post-no-debit order beyond the initial 72-hour period without obtaining a court order, particularly as the affected account belongs to a state government and holds funds meant for public expenditure.

The EFCC, in a letter dated August 5, 2026, directed First Bank to place a post-no-debit restriction on the Osun State Government Statutory Allocation account, pending the conclusion of an ongoing investigation.