EFCC Explains Freeze on Osun Government Accounts, Cites Probe Into Alleged N11 Billion Fraud and Suspicious Fund Transfers

The Economic and Financial Crimes Commission (EFCC) has clarified the reasons behind its decision to freeze the bank accounts of the Osun State Government, stating that the action was necessary to stop the alleged diversion of public funds while investigations into suspected financial misconduct continue.

In a statement released on Wednesday by the Commission’s Head of Media and Publicity, Dele Oyewale, the anti-corruption agency revealed that it has been investigating the Osun State Government since March 2026 over allegations involving the mismanagement of about N11 billion in public funds.

According to the EFCC, the investigation centres on the handling of Ecology Funds, Intervention Funds, and monthly allocations received from the Federal Account Allocation Committee (FAAC).

The Commission disclosed that several senior government officials have already been questioned as part of the ongoing investigation, including the state’s Accountant General, as investigators work to establish the circumstances surrounding the management of the funds.

The EFCC explained that it did not initially plan to place restrictions on the state’s bank accounts. However, the agency said it changed course after detecting what it described as suspicious financial transactions that began on August 2, 2026.

The anti-graft agency alleged that substantial amounts of money were moved from official government accounts into several corporate accounts, raising concerns about the possible diversion of public funds.

To prevent further withdrawals or transfers while the investigation continues, the Commission said it placed a Post No Debit (PND) order on the affected accounts, effectively suspending transactions until the probe is concluded.

The EFCC maintained that the measure was taken solely to preserve public funds and ensure that its investigation into the alleged financial irregularities is not compromised.