EFCC explains Osun account freeze, alleges ₦11bn fraud probe

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The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze an Osun State Government bank account, stating that the action was taken to prevent the alleged diversion of public funds amid an ongoing investigation into the state’s finances.

In a statement posted on its official social media platform on Wednesday, 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, several state government officials, including the Accountant General, have already been questioned as part of the ongoing investigation.

The EFCC explained that while the investigation alone would not have necessitated the freezing of the state’s account, it observed what it described as suspicious movements of large sums of money from the account beginning on August 2, 2026.

The commission alleged that substantial amounts were transferred from the government’s accounts into several corporate accounts considered suspicious, prompting it to place a Post No Debit restriction on the affected account to halt further transactions.

“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 EFCC maintained that the action was part of its statutory responsibility to safeguard public funds and prevent the alleged looting of government resources.

It stressed that although it was aware of the forthcoming Osun State governorship election, the timing of the poll could not prevent it from carrying out its legal responsibilities.

“The Commission cannot watch idly while a state government’s account is being pillaged. 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 state’s funds,” it stated.

The anti-graft agency also disclosed that it is monitoring the finances of several other state governments across the country, noting that many are currently under investigation as part of its efforts to promote accountability and transparency.

Reiterating its neutrality, the EFCC dismissed suggestions that the action was politically motivated, insisting that it remains non-partisan and committed solely to protecting the interests of Nigerians.

“The Osun State Government account was frozen to save public funds from being looted,” the commission added, urging the public to disregard what it described as false narratives and attempts to discredit its operations.