The Economic and Financial Crimes Commission (EFCC) has confirmed freezing the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged fraudulent handling of N11 billion belonging to the state.
According to the anti-graft agency, its investigation, which began in March 2026, is focused on the alleged diversion and mismanagement of Ecology Funds, Intervention Funds, and allocations from the Federation Account Allocation Committee (FAAC).
The Commission disclosed that several state officials, including the Accountant General, have already been questioned as part of the ongoing investigation.
In a statement signed by its Head of Media and Publicity, Dele Oyewale, the EFCC explained that it had no initial intention of freezing the state’s accounts but decided to act after detecting what it described as “precipitate and unwarranted” transfers of substantial sums from government accounts into several corporate entities beginning on August 2.
The agency said the decision to place a Post No Debit restriction on the accounts was a preventive measure aimed at safeguarding public funds and was unrelated to the forthcoming Osun State governorship election.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the statement read, adding that the existence of an impending election would not prevent the EFCC from carrying out its statutory responsibility to protect public resources.
The Commission further disclosed that it is monitoring the financial activities of several other state governments across the country, noting that many are currently under investigation as part of its efforts to promote accountability and transparency in the management of public funds.
Dismissing allegations of political bias, the EFCC maintained that it remains a non-partisan institution and acts strictly in the public interest. It urged Nigerians to disregard what it described as false narratives surrounding the freezing of the accounts, insisting that the action was taken solely to protect the resources of the people of Osun State while investigations continue.