EFCC Clarifies Decision to Freeze Osun State Accounts

By Omoyeni Ojeifo

The Economic and Financial Crimes Commission (EFCC) has linked its decision to freeze the Osun State Government’s bank accounts to an ongoing investigation into the alleged diversion of ₦11 billion and what it described as suspicious transfers of public funds.

According to the commission, the investigation, which began in March 2026, focuses on the alleged fraudulent handling of Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).

It said several officials of the Osun State Government, including the Accountant-General, have been questioned as part of the ongoing investigation.

The EFCC said it only placed a Post No Debit order on the accounts after detecting what it described as unusual transfers of funds into several corporate accounts beginning on August 2, according to a statement by the commission, obtained by Persecondnews on Wednesday.

“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 commission said.

The commission noted that the action was taken under its mandate to safeguard public funds, adding that it could not ignore what it considered an attempt to move government money into suspicious accounts.

The EFCC also dismissed suggestions that the action was linked to the August 15 Osun governorship election, insisting the timing was dictated by the financial activities uncovered during the investigation and not political considerations.

It maintained that the impending election could not prevent it from carrying out its statutory responsibility to protect public resources and investigate alleged financial crimes.

Persecondnews recalls that Governor Ademola Adeleke had said on Wednesday that the state received a letter from its banker notifying it that the EFCC had directed the bank to freeze the Osun State Government’s account.

He described the action as unlawful and alleged it formed part of a wider plot to intimidate his administration and weaken the state ahead of the August 15 governorship election, insisting the move was politically motivated.

The governor had also challenged EFCC Chairman Ola Olukoyede to publicly explain the reason for the account freeze and provide evidence to justify the action, adding that he had directed the state’s Attorney-General to challenge it in court.