The Economic and Financial Crimes Commission (EFCC) has revealed it’s reasons for freezing the bank account of the Osun State Government.
In a statement issued 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 allocations from the Federation Account Allocation Committee (FAAC).
According to the EFCC, the investigation involves N11 billion in public funds linked to the state’s financial transactions.
Recall that NPO reported that the anti-graft agency froze the account domicilied with First Bank on Wednesday with a letter addressed to the bank’s Managing Director confirming the development.
As seen in the copy of the letter, the EFCC placed a “Post No Debit (PND)” status, preventing withdrawals and other debit transactions from the account.
The commission has however disclosed that several officials of the Osun State Government, including the Accountant General, have already appeared before its investigators as part of the ongoing probe.
The EFCC said it did not initially consider placing a Post No Debit (PND) order on the state’s accounts but was forced to act after detecting suspicious movements of funds.
According to the agency, investigators observed huge transfers from the state’s accounts into several corporate entities beginning on August 2, 2026, prompting the commission to immediately freeze the affected accounts.
“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.”
It also dismissed suggestions that the move was politically motivated or connected to the forthcoming Osun State governorship election.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the EFCC stated.
“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.”
The EFCC further disclosed that Osun is not the only state under investigation, revealing that the finances of several other states are also being monitored.
“It is equally needful to state that the Commission is keeping watch over the finances of other states like Osun State.
“Many of these states are on the investigative radar of the Commission to ensure accountability and probity.
“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.”