The Economic and Financial Crimes Commission (EFCC) has frozen the bank accounts of the Osun State government after detecting large transfers of funds into various corporate entities and other accounts it described as suspicious.
The Commission said the freeze followed the movement of substantial sums from the state accounts beginning on 2 August 2026.
The transfers were noticed while an investigation into the alleged mismanagement of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) allocations totaling ₦11 billion was already under way.
The probe, which began in March 2026, has included interviews with some state officials, including the Accountant General.
According to the EFCC, the investigation itself would not have led to a freeze. The action was taken only after the sudden outflow of funds was detected, in order to stop further transfers.
The Commission stated that the step was taken to protect public funds and that it could not allow the accounts to continue being depleted. It also noted that it is monitoring the finances of other states and maintains that its actions are not influenced by political considerations, including the upcoming governorship election in Osun State.
