The Economic and Financial Crimes Commission (EFCC) has explained why it placed a restriction on the bank accounts of the Osun State Government, saying the action was taken to prevent the movement of public funds while an investigation into the alleged mismanagement of about ₦11 billion remains ongoing.
In a statement issued on Wednesday, August 5, 2026, the anti-graft agency said the decision was based on developments uncovered during its investigation and had no connection with the forthcoming Osun State governorship election.
According to the Commission, the investigation began in March 2026 following allegations involving the handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC), with the total amount under investigation put at approximately ₦11 billion.
The EFCC disclosed that several officials of the Osun State Government, including the Accountant General of the State, have appeared before its investigators as part of the ongoing probe.
The Commission said the investigation alone would not have warranted the freezing of the state’s accounts. However, it claimed that investigators detected what it described as unusual movements of funds beginning on August 2, 2026.
According to the agency, substantial sums were allegedly transferred from government accounts into several corporate accounts considered suspicious, prompting it to impose a Post No Debit (PND) restriction to prevent further transactions.
«”The ongoing investigations would not have warranted any placement of a Post No Debit order on the accounts but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026,” the Commission stated.»
The EFCC maintained that the action was taken in line with its statutory responsibility to safeguard public funds and prevent the possible diversion of government resources while investigations continue.
While acknowledging the proximity of the Osun governorship election, the Commission insisted that the electoral timetable could not stop it from carrying out its legal responsibilities.
The agency said allowing the alleged movement of funds to continue simply because an election was approaching would amount to neglecting its constitutional mandate.
The EFCC also revealed that Osun State is not the only state under investigation, noting that the finances of several other state governments are being scrutinised as part of its broader efforts to strengthen transparency, accountability and prudent management of public resources.
Reaffirming its neutrality, the Commission said it remains non-partisan and is committed to enforcing the law without bias or political consideration.
It urged Nigerians to disregard what it described as false narratives and attempts to discredit its operations, insisting that its actions were taken solely in the interest of protecting public funds.
“The interests of all Nigerians are greater and will always be protected by the Commission,” the statement added.
