The Economic and Financial Crimes Commission (EFCC) has written to First Bank directing the removal of the Post-No-Debit (PND) restriction placed on an account belonging to the Osun State Government, following an order from President Bola Ahmed Tinubu.
The development comes after President Tinubu directed the anti-graft agency to lift the restriction, which had become a major point of controversy ahead of the August 15 governorship election in the state.
The President had said he was not opposed to the EFCC exercising its statutory powers but expressed concern over the timing of the restriction.
A senior EFCC official, who spoke with Daily Trust on condition of anonymity because he was not authorised to comment publicly, confirmed that the commission had formally communicated the directive to First Bank.
According to the official, the bank has been instructed to remove the restriction from the affected account.
“A letter has been sent to the banker to remove the PND restriction on the state government’s account following Mr President’s directive,” the official said.
The official also dismissed suggestions that the decision amounted to an erosion of the EFCC’s institutional independence.
“Nobody should view this from the perspective of the fact that EFCC is not independent,” he added.
The EFCC had placed the restriction on the state government’s account as part of an ongoing investigation into the alleged management of approximately ₦11 billion in Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations.
The PND order effectively prevented withdrawals and other debit transactions from the affected account while the investigation was ongoing.
The restriction was imposed approximately 10 days before the scheduled August 15 governorship election, prompting political controversy and criticism from some political actors in the state.
President Tinubu’s directive was based on concerns over the timing of the restriction rather than an objection to the EFCC’s statutory responsibility to investigate suspected financial offences.
The latest development therefore does not, on the information currently available, indicate that the underlying investigation has been discontinued.
The lifting of the restriction is expected to restore the account’s ability to process debit transactions, while the EFCC may continue its investigation in accordance with the law.
The controversy surrounding the account restriction has further intensified political debate in Osun State as parties and candidates prepare for the August 15 governorship election.
AIV NEWS will continue to monitor developments and report verified updates as they emerge.
