The Economic and Financial Crimes Commission (EFCC) has explained that the freezing of Osun State Government bank accounts was part of an ongoing investigation into the alleged diversion of about ₦11 billion in public funds and was not connected to the forthcoming governorship election.
In a statement, the anti-graft agency said it has been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds, and Federation Account Allocation Committee (FAAC) allocations. It disclosed that several state officials, including the Accountant General, have already been questioned as part of the investigation.
According to the EFCC, it initially had no plans to place a Post No Debit (PND) order on the accounts. However, investigators allegedly discovered from August 2, 2026, that large sums of money were being moved from government accounts into several corporate accounts considered suspicious.
The commission said it immediately froze the affected accounts to halt further movement of the funds and prevent what it described as the possible looting of public resources.
Although Osun State is preparing for its governorship election, the EFCC insisted that the electoral process would not stop it from carrying out its constitutional duty.
The agency stated that allowing the transactions to continue simply because an election was approaching would have been irresponsible. It added that it is also monitoring the finances of several other states as part of efforts to promote transparency, accountability and prudent management of public funds.
The EFCC urged Nigerians to disregard what it described as false narratives attempting to politicise the action, maintaining that the freezing of the accounts was solely aimed at protecting the interests of the people of Osun State.
