The Economic and Financial Crimes Commission (EFCC) has confirmed freezing the bank accounts of the Osun State Government, saying the action was taken to stop what it described as the alleged fraudulent handling of N11 billion belonging to the Osun State Government.
According to the Commission, an investigation, which commenced in March 2026, focused on the alleged diversion and mismanagement of Ecology Funds, Intervention Funds and allocations from the Federal Account Allocation Committee (FAAC). It disclosed that several state officials, including the Accountant General, had already been questioned by investigators.
In a statement signed by its Head of Media and Publicity, Dele Oyewale, the EFCC said it had no initial intention of freezing the state’s accounts but was compelled to act after detecting what it described as “precipitate and unwarranted” transfers of large sums from the government accounts into several corporate entities beginning on August 2.
The anti-graft agency maintained that the Post No Debit order was a preventive measure aimed at protecting public funds from alleged looting and was not connected to the forthcoming governorship election.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the EFCC said, adding that the existence of an impending election could not prevent it from carrying out its statutory responsibility to safeguard public resources.
The Commission also disclosed that it is monitoring the finances of several other state governments across the country, stressing that many are already under investigation as part of efforts to promote accountability and transparency in the management of public funds.
Rejecting allegations of political bias, the EFCC insisted it remained non-partisan and acted solely in the public interest. It urged Nigerians to disregard what it described as false narratives surrounding the account freeze, maintaining that the action was taken to protect the resources of the people of Osun State while investigations continue.