The Economic and Financial Crimes Commission (EFCC) says it froze the Osun State government’s bank account as a preventive measure to stop what it described as suspicious and unwarranted transfers of public funds while an investigation into alleged fraud is ongoing.
The anti‑graft agency disclosed that it has been investigating the Osun State government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations totalling about ₦11 billion. As part of the probe, some state officials, including the Accountant General, have been interviewed by EFCC investigators.
According to the EFCC, the account would not have been placed on a Post‑No‑Debit (PND) order but for a sudden surge in large transfers from the state’s accounts to multiple “suspicious” corporate entities beginning on 2 August 2026. The commission said it detected these movements and swiftly moved to freeze the accounts from which the funds were being shifted in order to prevent further diversion of resources under investigation.
In a statement, the EFCC stressed that its mandate includes safeguarding public funds and assets and that it could not “watch idly” while a state government’s account appeared to be “pillaged.” It also insisted that the action was not politically motivated and was unrelated to the upcoming governorship election in Osun State, adding that it would be “uncharitable” to allow an election to hinder its statutory duties.
The commission said the Osun State account was frozen specifically “to save public funds from being looted” and warned the public against what it called false narratives and deliberate demonisation of its work. It added that several other states are similarly on its investigative radar as part of its broader drive to enforce accountability and probity in the management of public resources.