The Economic and Financial Crimes Commission (EFCC) says its decision to freeze the Osun State Government’s bank accounts followed the discovery of suspicious movements of public funds while investigating the alleged mismanagement of N11 billion.
The EFCC made this known via a statement issued on Wednesday, August 5, 2026, saying it had been investigating the state government since March 2026 over the handling of Ecology Funds, Intervention Funds and Federation Account Allocation Committee (FAAC) allocations.
The anti-graft agency disclosed that several officials of the state government, including the Accountant General, had been invited for questioning as part of the investigation.
It stated: “These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“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.”
Responding to concerns over the timing of the action ahead of the Osun governorship election, the EFCC maintained that its intervention was guided solely by its statutory duty to safeguard public funds and not by political considerations.
EFCC freezes Osun statutory allocation account
The EFCC added that similar financial scrutiny is being extended to other state governments across the country as part of its efforts to strengthen accountability and curb the misuse of public resources.
The anti-graft agency said: “While the Commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state.
“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.
“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the Commission to ensure accountability and probity.
“The Commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The EFCC urged Nigerians to disregard what it described as misleading narratives about the account freeze, stressing that the action was taken in the interest of protecting state funds and ensuring transparency.
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