EFCC Explains Freeze on Osun Government Accounts, Alleges N11bn Fraud Under Investigation
EFCC Explains Freeze on Osun Government Accounts, Alleges N11bn Fraud Under Investigation
By Matthew Eloyi
The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into the state’s finances.
In a statement issued on Wednesday by the EFCC’s Head of Media and Publicity, Dele Oyewale, the anti-graft agency said it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of N11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
According to the Commission, the investigation has involved the interrogation of several state officials, including the Accountant-General of Osun State.
The EFCC said the probe alone would not have warranted a freeze on the state’s accounts, but claimed it observed what it described as suspicious movements of funds beginning on August 2, 2026.
It alleged that substantial sums were transferred from government accounts into the accounts of various corporate entities, prompting the Commission to place a Post No Debit (PND) restriction on the affected accounts.
“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,” the statement said.
The anti-corruption agency maintained that the action was in line with its statutory responsibility to safeguard public funds and prevent the alleged looting of government resources.
It stressed that although it was aware of the forthcoming governorship election in Osun State, the electoral process could not prevent it from carrying out its legal mandate.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the EFCC stated.
“It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms to perform its legally assigned functions.”
The Commission also disclosed that Osun is not the only state under its scrutiny, revealing that the finances of several other states are currently being monitored as part of ongoing efforts to promote accountability and transparency in the management of public resources.
According to the EFCC, many state governments are on its investigative radar to ensure probity in the use of public funds.
The Commission rejected allegations that its actions were politically motivated, insisting that it remains non-partisan and acts solely in the public interest.
“The Osun State Government account was frozen to save public funds from being looted,” the statement added.
The EFCC urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, assuring the public that it would continue to protect the nation’s financial resources in accordance with its mandate.
The Osun State Government had not responded to the allegations at the time of filing this report. The claims made by the EFCC remain allegations, and no court has made a finding of wrongdoing against the state government or any of its officials.
