The Economic and Financial Crimes Commission (EFCC) has linked its decision to freeze the Osun State Government’s bank account to an ongoing investigation into the alleged diversion of N11 billion in public funds.
The anti-graft agency said the account was placed under a Post No Debit (PND) order after investigators detected what it described as suspicious movements of funds from the state’s accounts into several corporate accounts.
In a statement issued on Wednesday, the Commission said 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).
According to the EFCC, the probe involves about N11 billion, while some state officials, including the Accountant-General, have already been questioned by investigators.
The Commission said it initially had no intention of restricting the state’s accounts but changed course after noticing what it described as “precipitate and unwarranted” transfers of funds beginning on August 2, 2026.
It said the alleged transfers involved huge sums being moved into the accounts of different corporate entities, prompting investigators to freeze the accounts to prevent further transactions.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the EFCC said, adding that the action was taken in line with its statutory mandate to safeguard public funds and assets.
The agency dismissed suggestions that the decision was influenced by the forthcoming governorship election in Osun State, insisting that its intervention was based solely on the need to protect public funds.
While acknowledging the proximity of the election, the Commission maintained that it could not suspend its constitutional responsibilities because of political considerations.
The EFCC also disclosed that it is monitoring the finances of several other states, noting that many are under investigation as part of its efforts to promote accountability and transparency in the management of public resources.
Reaffirming its non-partisan stance, the Commission urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, insisting that the freeze on the Osun State Government’s account was intended to prevent the alleged looting of public funds.
The allegations contained in the EFCC’s statement have not been determined by a court, and the Osun State Government had not responded to the Commission’s claims at the time of filing this report.