The rules do not state they cannot but can toads use objects and/or followers?

As it stands, I don't believe there is any way for a Toad to have an object or follower, since in 4.5 ed, all Objects and Followers are lost when you become a Toad and new ones cannot be obtained.

So it's not that they can't use them, per se, it's that they can't have them in the first place.