The Economic and Financial Crimes Commission (EFCC) has confirmed freezing the Osun State Government’s bank accounts, saying the action forms part of an ongoing investigation into alleged financial misconduct. The anti-graft agency said it began investigating the Osun State Government in March 2026 over the alleged handling of public funds.
EFCC explains account freeze
In a statement shared on its official X account on Tuesday, the commission said investigators are probing the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC). According to the EFCC, the investigation involves about ₦11 billion in public funds.
The commission added that officials of the Osun State Government, including the Accountant-General, have already appeared before investigators for questioning.
Suspicious transfers triggered action
The EFCC said it initially had no plans to place a Post No Debit order on the state’s accounts. However, it claimed investigators detected what it described as suspicious transfers from the government accounts into several corporate accounts from August 2, 2026. According to the commission, it immediately froze the accounts to stop further movement of the funds.
“The Commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved.”
EFCC denies political motive
The commission insisted that the decision was not connected to the forthcoming Osun State governorship election. It said protecting public funds remains part of its statutory responsibility and that it could not ignore transactions it considered suspicious because an election is approaching. The EFCC maintained that allowing the transfers to continue would amount to neglecting its legal mandate.
Other states also under investigation
The commission disclosed that it is monitoring the finances of other state governments across the country. It said several states are currently under investigation as part of its efforts to promote accountability and transparency in the management of public funds.
The EFCC also rejected allegations of political bias, insisting that it operates in the interest of Nigerians and remains committed to protecting public resources.
Read also: EFCC Freezes Osun State Allocation Account Amid Ongoing Investigation
