EFCC says Osun account frozen to prevent alleged diversion of ₦11bn public funds

The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the Osun State Government’s bank account, saying the action was taken to prevent the alleged diversion of public funds under investigation.

 

In a statement released on its official X handle, the anti-graft agency said it had been investigating the Osun State Government since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations amounting to about ₦11 billion.

 

According to the commission, some state officials, including the Accountant-General, have already been questioned as part of the investigation.

 

The EFCC said the decision to place a Post No Debit restriction on the account followed the discovery of what it described as suspicious movements of funds.

 

“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,” the statement read.

 

The commission maintained that the action was in line with its mandate to safeguard public resources and was not influenced by the forthcoming Osun governorship election.

 

“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,” the EFCC stated.

 

The anti-graft agency added that it was also monitoring the finances of other states as part of its accountability drive.

 

“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,” it said.

 

The EFCC urged the public to disregard what it described as false narratives surrounding the development, insisting that its actions were guided solely by its statutory responsibility to protect public funds.