The Economic and Financial Crimes Commission (EFCC) has confirmed freezing an Osun State Government bank account, saying the action was taken after suspicious movement of public funds amid an ongoing investigation into alleged financial misconduct involving about N11 billion.
The anti-graft agency disclosed on Wednesday, hours after the Osun State Government accused it of targeting the state ahead of the August 15 governorship election and alleged that the commission planned to cripple government activities by freezing its accounts.
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PREMIUM TIMES had earlier reported that an Osun State Government account domiciled with First Bank and reportedly used for official financial transactions, including salary payments had been placed on Post No Debit (PND) status by the EFCC.
The restriction came shortly after Governor Ademola Adeleke alleged that the commission was planning to freeze the accounts of the state government and top officials of his administration.
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Why EFCC froze the account
In a statement issued by its Head of Media and Publicity, Dele Oyewale, the EFCC said investigations into the finances of the Osun State Government had been ongoing since March 2026 over the alleged fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations amounting to about N11 billion.
According to the commission, several state officials, including the Accountant-General, had already been questioned by investigators as part of the probe.
The EFCC, however, said the decision to freeze the account was prompted by what it described as “precipitate and unwarranted movement of funds” from the government’s accounts into multiple corporate entities considered suspicious since August 2026. This, the agency said, forced it to impose a Post No Debit order to halt further transactions.
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“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 statement read.
The agency insisted the action was part of its statutory responsibility to protect public funds and denied suggestions that the timing was politically motivated.
“While the Commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state,” it said.
The EFCC added that several other state governments were also under financial scrutiny, stressing that its investigations were not limited to Osun.
Osun government disagrees
The EFCC’s explanation came barely hours after the Osun State Government criticised the account restriction, describing it as unlawful and politically motivated.
Mr Adeleke had earlier alleged that the commission was planning to freeze the state’s accounts and those of senior government officials ahead of the governorship election. He argued that the move was designed to paralyse government operations during the election period.
The state’s Attorney-General and Commissioner for Justice, Oluwole Jimi-Bada, also questioned the legality of the action, maintaining that the EFCC lacked the constitutional authority to freeze the accounts of a state government without due legal process.
The government insisted there was no legal basis for the restriction and accused the anti-graft agency of exceeding its powers.
Meanwhile, PREMIUM TIMES gathered that the state government had commenced the transfer of ₦20,000 to the state’s civil servants and corp memebers, describing the transfer as “palliative.”
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