EFCC Explains Decision to Freeze Osun Government Accounts Over Alleged ₦11bn Fraud Probe

The Economic and Financial Crimes Commission (EFCC) has explained why it placed a Post No Debit (PND) order on the bank accounts of the Osun State Government, saying the action was necessary to prevent the alleged diversion of public funds under investigation.

In a statement issued on Wednesday, the anti-graft agency disclosed that it has been investigating the Osun State Government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC) amounting to about ₦11 billion.
According to the Commission, the investigation has already involved several state officials, including the Accountant-General of Osun State, who has reportedly been questioned by EFCC investigators as part of the ongoing probe.

The Commission stated that although the investigation had been ongoing for months, it initially saw no need to freeze the state’s accounts until it observed what it described as suspicious movements of funds beginning on August 2, 2026.

The EFCC alleged that substantial sums of money were being transferred from government accounts into various corporate accounts considered suspicious, prompting the agency to immediately place a restriction on the affected accounts to halt further transactions.

“The ongoing investigations of the state government would not have warranted any placement of a Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts,” the Commission said.

The anti-corruption agency maintained that the decision was purely a preventive measure aimed at safeguarding public resources, insisting that it could not stand by while public funds were allegedly being siphoned.

While acknowledging the proximity of the forthcoming Osun State governorship election, the EFCC stressed that its action was not politically motivated.

According to the Commission, allowing the election to influence its statutory responsibilities would amount to abandoning its constitutional mandate of protecting public funds and ensuring accountability.

The agency further disclosed that Osun State is not the only state currently under its investigative radar, noting that it is monitoring the financial activities of several state governments across the country as part of its anti-corruption efforts.

Reaffirming its commitment to impartiality, the EFCC said it remains a non-partisan institution dedicated to promoting transparency, accountability and prudent management of public resources.

The Commission also urged members of the public to disregard what it described as misleading narratives and attempts to discredit its operations, insisting that the freezing of the Osun State Government’s accounts was carried out solely to protect public funds pending the conclusion of investigations.

The EFCC reiterated that the interests of Nigerians remain paramount and pledged to continue carrying out its mandate without fear or favour.