EFCC Explains Why It Froze Osun State Government Accounts Over Alleged N11bn Fund Diversion

‎Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to freeze the bank accounts of the Osun State Government, saying the action was taken to prevent the alleged diversion of public funds under investigation. ‎ ‎ ‎

In a statement issued on Wednesday by the Head of Media and Publicity, Dele Oyewale, 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 allocations from the Federation Account Allocation Committee (FAAC) amounting to about ₦11 billion. ‎ ‎ ‎

According to the EFCC, several officials of the state government, including the Accountant General, have already been questioned as part of the ongoing investigation. ‎ ‎ ‎

The commission stated that although the investigation had been ongoing for months, it did not initially consider freezing the state's accounts. However, it said the situation changed after investigators allegedly detected massive transfers of money from the government's accounts into several corporate accounts considered suspicious. ‎ ‎ ‎

The EFCC disclosed that the transfers, which reportedly began on August 2, 2026, prompted it to place a Post No Debit (PND) order on the affected accounts to stop further movement of funds pending the conclusion of its investigation. ‎ ‎ ‎

The anti-corruption agency stressed that the decision was not connected to the forthcoming Osun State governorship election, insisting that its legal responsibility is to safeguard public funds whenever there is evidence of suspicious financial activities. ‎ ‎

‎It maintained that allowing the alleged transfers to continue because of the election period would have amounted to a failure to carry out its statutory duty. ‎ ‎ ‎

The commission also revealed that it is monitoring the financial activities of several other state governments across the country, noting that many states are currently under investigation as part of efforts to promote accountability and transparency in the management of public resources. ‎ ‎ ‎

The EFCC reaffirmed that it remains non-partisan in the discharge of its responsibilities and urged Nigerians to disregard what it described as misleading narratives aimed at discrediting its operations. ‎ ‎ ‎

The agency insisted that freezing the Osun State Government accounts was a preventive measure designed to protect public funds while investigations continue.