EFCC Explains Why It Froze Osun Government Account, Alleges N11bn Fraud Probe

The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, revealing that it is investigating the alleged fraudulent handling of N11 billion in public funds.
In a statement issued on Wednesday, the anti-graft agency said the investigation, which began in March 2026, focuses on the alleged misuse of Ecology Funds, Intervention Funds, and allocations from the Federal Account Allocation Committee (FAAC).
According to the EFCC, several state officials, including the Accountant General of Osun State, have already been questioned as part of the ongoing investigation.
The Commission disclosed that although the probe had been ongoing for months, it only decided to place a Post No Debit (PND) order on the state’s accounts after detecting what it described as “unwarranted and suspicious” movement of funds beginning on August 2, 2026.
EFCC said investigators observed large sums being transferred from government accounts into multiple corporate accounts, prompting immediate action to prevent further transactions.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the EFCC stated.
The anti-corruption agency rejected claims that the account freeze was politically motivated because of the forthcoming Osun governorship election, insisting that its actions were guided strictly by its legal responsibility to protect public resources.
The Commission maintained that allowing the transfers to continue simply because an election was approaching would have amounted to neglect of its statutory duties.
The EFCC also revealed that Osun is not the only state under scrutiny, noting that several other state governments are currently on its investigative radar as part of efforts to promote accountability and transparency in the management of public funds.
Reaffirming its neutrality, the Commission said it remains non-partisan and committed to safeguarding the interests of Nigerians.
The agency urged members of the public to disregard what it described as false narratives and attempts to discredit its operations, stressing that the freezing of the Osun State Government’s accounts was solely intended to prevent the alleged looting of public funds.