ABUJA, Nigeria – The Economic and Financial Crimes Commission (EFCC) says it froze the bank accounts of the Osun State Government to prevent what it described as suspicious movements of public funds while investigating an alleged N11 billion ($7.2 million) fraud.
In a statement on Wednesday, the anti-graft agency said the investigation began in March 2026 over the alleged handling of Ecology Funds, Intervention Funds, and allocations from the Federation Account Allocation Committee (FAAC). Okay News reports that the commission said several state officials, including the Accountant General of Osun State, have already been questioned as part of the ongoing probe.
The EFCC said it decided to place a Post No Debit restriction on the accounts after detecting what it described as unusually large transfers from government accounts into multiple corporate accounts beginning on August 2, 2026. According to the commission, the restriction was introduced to stop further movement of funds while investigations continue.
The agency rejected claims that the action was linked to the forthcoming Osun State governorship election, insisting it has a legal duty to safeguard public resources regardless of the political calendar. It added that financial activities in several other states are also under investigation and urged the public to disregard what it called misleading narratives about its operations.
