EFCC explains freeze on Osun govt account, cites alleged N11bn fraud probe
The Economic and Financial Crimes Commission (EFCC) has explained its decision to freeze the Osun State Government’s bank account, saying the action was taken to prevent the alleged diversion of public funds and was not connected to the August 15 governorship election.
In a statement issued on Wednesday, the anti-graft agency disclosed that it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to about N11 billion.
The commission said several state officials, including the Accountant General, had been questioned as part of the ongoing investigation, adding that the probe alone would not have necessitated the freezing of the account.
According to the EFCC, it observed what it described as suspicious movements of funds from the state government’s accounts into several corporate accounts beginning August 2, prompting it to place a Post No Debit restriction on the affected accounts.
The commission said the action was in line with its mandate to safeguard public funds and prevent financial crimes, insisting it could not ignore what it considered an attempt to deplete government resources.
The EFCC maintained that although it was aware of the forthcoming governorship election in Osun State, the political process would not stop it from carrying out its statutory responsibilities.
It also disclosed that the finances of several other states are under investigation as part of its efforts to promote accountability and transparency in the management of public funds across the country.
The commission urged the public to disregard what it described as false narratives surrounding the account freeze, insisting that its actions were non-partisan and solely aimed at protecting public resources.
