The Economic and Financial Crimes Commission (EFCC) has explained why it froze the bank accounts of the Osun State Government.
Daily Trust had reported how the anti-graft agency froze an account of Osun government in First Bank.
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 anti-graft agency directed First Bank not to allow withdrawals from the Osun State government’s statutory allocation account as part of an ongoing investigation.
The letter, referenced 3000/EFCC/ABJ/HQ/PFS/TA/OSUN/VOL.17/666, was addressed to the Managing Director of First Bank, with attention to the Chief Compliance Officer.
The agency instructed the bank to place a post-no-debit restriction on the account pending the conclusion of the probe.
The EFCC identified the affected account as “Osun State Government Statutory Allocation” with account number 2017170947.
The EFCC said the directive followed an earlier correspondence dated April 15, 2026.
The Osun government had accused the agency of witch-hunt, saying it is part of the plot to intimidate the Adeleke administration ahead of the forthcoming governorship election.
In an interactive session with journalists on Wednesday, Oluwole Jimi-Bada, Osun Attorney-General and Commissioner for Justice, had threatened a lawsuit over the issue.
But in a statement 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) amounting to N11 billion.
According to the EFCC, several state officials, including the Accountant General, have been questioned as part of the ongoing investigation.
The commission said it did not initially consider freezing the state’s accounts but was compelled to act after detecting what it described as suspicious movements of funds beginning on August 2.
It alleged that huge sums were being transferred from government accounts into the accounts of several corporate entities, prompting it to place a Post No Debit (PND) order on the affected accounts.
“The ongoing investigations of the state government would not have warranted any placement of a 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 said.
It added that the decision to freeze the accounts was taken to halt what it described as the “pillaging” of public funds.
The EFCC dismissed suggestions that the action was politically motivated or connected to the forthcoming Osun State governorship election, insisting that it was acting strictly within its legal mandate to protect public resources.
While acknowledging the timing of the election, the commission maintained that it could not ignore suspicious financial transactions simply because of the political calendar.
“It will be uncharitable for the Commission to allow an excuse of an upcoming election to fold its arms to perform its legally assigned functions,” the statement added.
The anti-corruption agency also disclosed that it is monitoring the finances of several other state governments, noting that many states are under investigation as part of its efforts to promote accountability and transparency in the management of public funds.
The EFCC reiterated that it remains non-partisan and acts solely in the interest of Nigerians, urging the public to disregard what it described as false narratives surrounding the freezing of the Osun State Government’s accounts.
According to the commission, the accounts were frozen to safeguard public funds pending the conclusion of its investigation.
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