EFCC Explains Freeze On Osun Government Accounts, Alleges Suspicious N11bn Fund Movements

The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds and has no connection with the forthcoming governorship election in the state.
In a statement issued on Wednesday by the Commission’s Head of Media and Publicity, Dele Oyewale, the anti-graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to N11 billion.
According to the EFCC, the investigation has already involved the interrogation of several state officials, including the Accountant General of the state, as part of efforts to uncover the circumstances surrounding the alleged financial infractions.
The Commission said the investigation alone would not have necessitated the freezing of the government’s accounts but claimed it detected what it described as “precipitate and unwarranted” movement of large sums of money from the state’s accounts into several suspicious corporate accounts beginning from August 2, 2026.
It stated that the unusual transactions prompted the Commission to immediately place a Post No Debit (PND) order on the affected accounts to halt further transfers while investigations continue.
The EFCC maintained that its intervention was in line with its statutory responsibility to safeguard public funds and prevent the looting of government resources.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement said, stressing that the proximity of the Osun governorship election could not deter it from carrying out its constitutional mandate.
The anti-corruption agency also dismissed suggestions that the action was politically motivated, insisting that it remains non-partisan and acts solely in the public interest.
It further revealed that the finances of several other states are also under scrutiny as part of its nationwide drive to promote accountability, transparency and prudent management of public resources.
The Commission urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, assuring that it would continue to protect public funds wherever evidence of financial misconduct emerges.
The EFCC reiterated that the freezing of the Osun State Government’s accounts was a preventive measure aimed at preserving public resources pending the conclusion of its ongoing investigation.