The Economic and Financial Crimes Commission (EFCC) has explained why it froze the bank accounts of the Osun State Government. The agency said the action followed suspicious movements linked to an ongoing investigation into an alleged ₦11 billion fraud.
According to the commission, the accounts frozen decision was not connected to the state’s forthcoming governorship election. It insisted the move was necessary to protect public funds.
The EFCC said its investigation began in March 2026. The probe focuses on the alleged diversion of Ecology Funds, Intervention Funds, and allocations from the Federation Account Allocation Committee (FAAC). Several state officials, including the Accountant General, have already been questioned.
The anti-graft agency explained that it initially had no plan to place a Post No Debit (PND) order on the accounts. However, investigators allegedly noticed large transfers from the state’s accounts into several corporate accounts considered suspicious from August 2, 2026.
The commission said it immediately froze the accounts to prevent further movement of the funds. It added that the action was taken to safeguard public resources while investigations continue.
The EFCC also dismissed claims that the freeze was politically motivated because of the upcoming election. It maintained that allowing the transactions to continue simply because an election was approaching would have been irresponsible.
According to the commission, investigations are also ongoing in several other states. It said the exercise is part of efforts to strengthen transparency, accountability, and proper management of public funds across Nigeria.
The EFCC urged Nigerians to ignore what it described as false narratives surrounding the case. It stressed that the Osun Government accounts frozen order was issued solely to protect the interests of the people of Osun State while the investigation continues.
