The Economic and Financial Crimes Commission (EFCC) has explained that it froze the bank accounts of the Osun State Government as part of an ongoing investigation into the alleged mismanagement of about ₦11 billion in public funds.
According to the anti-graft agency, the probe focuses on the handling of Ecology Funds, Intervention Funds, and allocations received through the Federation Account Allocation Committee (FAAC). The investigation reportedly began in March 2026.
The EFCC said the decision to place a Post No Debit order on the accounts was taken after investigators detected what it described as suspicious transfers of large sums of money into several corporate accounts from August 2, 2026.
The commission stated that the move was aimed at preventing the alleged diversion of public funds and insisted it had nothing to do with the upcoming Osun State governorship election.
The EFCC also revealed that the Osun State Government is not the only one under investigation, noting that the finances of several other state governments are currently being examined as part of its efforts to promote accountability and protect public resources.
The commission urged Nigerians to disregard what it described as false narratives surrounding the account freeze, maintaining that its actions were guided solely by its legal responsibility to safeguard public funds and ensure transparency.
