- The EFCC said it began investigating the Osun State government in March 2026 over alleged mishandling of Ecology Funds, Intervention Funds, and FAAC allocations worth N11 billion
- The commission said it noticed large transfers of public funds into suspicious corporate accounts beginning August 2, 2026, prompting it to place a Post No Debit order on the state’s accounts
- The EFCC acknowledged the upcoming Osun governorship election but said it could not allow the poll to stop it from carrying out its legal duty to protect public funds
The Economic and Financial Crimes Commission (EFCC) has defended its decision to freeze the bank accounts of the Osun State government, saying the move was necessary to prevent the looting of public funds ahead of a governorship election in the state.
In a public statement, the EFCC said it had been investigating the Osun State government since March 2026 over the alleged fraudulent management of Ecology Funds, Intervention Funds, and Federal Account Allocation Committee (FAAC) disbursements, with the total amount under scrutiny put at N11 billion.
Source: Twitter
The commission added that the state’s Accountant General was among the officials who had already appeared before its investigators.
Why the EFCC froze the accounts
The commission said the ongoing investigation alone would not have led to the account freeze, but that unusual fund movements changed its calculation.
According to the EFCC, large transfers from the state’s accounts into various corporate entities began on August 2, 2026, prompting it to act quickly by placing a Post No Debit order on the affected accounts.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the commission said, adding that its mandate to protect public assets obliged it to intervene regardless of any political considerations.
The EFCC directly addressed concerns that the freeze was timed to interfere with the approaching governorship election in Osun State.
It described any suggestion that an upcoming election should cause the commission to stand down as “uncharitable,” insisting it had a legal responsibility to act in defence of public funds regardless of the political calendar.
Other states also under watch
Beyond Osun, the EFCC said several other states were already on its investigative radar, though it did not name them specifically.
The commission said its broader monitoring was aimed at ensuring accountability and probity in the management of public resources across the country.
The EFCC restated its position as a non-partisan body, saying it worked solely in the interest of Nigerians. It urged members of the public to disregard what it described as false narratives and deliberate attempts to discredit its work.
Davido reacts as EFCC freezes Osun account
Previously, Legit.ng reported that Afrobeats superstar Davido spoke out after reports emerged that the Economic and Financial Crimes Commission (EFCC) allegedly directed restrictions on an Osun State Government account reportedly used for the payment of workers’ salaries.
The development became a major talking point after documents cited in reports claimed that the account had been placed on a “Post No Debit” status.
Source: Legit.ng