The Economic and Financial Crimes Commission (EFCC) says it froze the Osun State Government’s bank account over the alleged fraudulent handling of ₦11 billion in ecological and intervention funds.
In a statement issued on Wednesday, the anti-graft agency said it had been investigating the Osun State Government since March over the alleged mismanagement of the funds.
According to the commission, several state officials, including the Accountant-General, have been questioned as part of the ongoing investigation.
The EFCC said it observed large transfers from the government’s account to various corporate entities beginning on August 2, prompting the decision to freeze the account.
“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 statement read.
“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.
“The EFCC’s preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources.
“The Commission cannot watch idly while a state government’s account is being pillaged.”
The commission said the impending Osun governorship election should not prevent it from carrying out its statutory responsibilities, insisting that the timing of the poll could not justify ignoring suspicious financial transactions.
According to the EFCC, the account was frozen to protect public funds from alleged looting.
Account restriction
In a letter dated August 5, 2026, and signed by Adenike Babalola, Assistant Commander of the EFCC on behalf of the Director of Investigation, the commission instructed First Bank to block withdrawals from the Osun State Government’s statutory allocation account as investigations continue.
The anti-graft agency directed the bank to place a post-no-debit restriction on the account pending the conclusion of its probe.
Responding to the development, Osun State Governor Ademola Adeleke condemned the action, saying the state would not tolerate federal agencies violating the rights of subnational governments.
The governor alleged that his administration had faced several coordinated attacks, including the harassment of Accord Party members and attempts to disrupt the operations of local government councils in the state.
Adeleke added that he had instructed the state Attorney-General to challenge what he described as the “illegality” of the EFCC’s action.