EFCC confirms it has frozen Osun State's bank account

The Economic and Financial Crimes Commission (EFCC) has confirmed that it froze a bank account belonging to Osun State Government. This action followed suspicious movements of public funds amid an investigation into alleged financial misconduct involving around N11 billion.

The EFCC made this announcement on Wednesday. This came just hours after the Osun State Government accused the agency of targeting the state ahead of the August 15 governorship election. They claimed that the EFCC aimed to disrupt government activities by freezing its accounts.

PREMIUM TIMES had earlier reported that an Osun State Government account with First Bank, used for official transactions including salary payments, was placed on Post No Debit (PND) status by the EFCC.

This restriction happened soon after Governor Ademola Adeleke claimed that the EFCC planned to freeze the accounts of the state government and key members of his administration.

Why EFCC froze the account

In a statement from its Head of Media and Publicity, Dele Oyewale, the EFCC said investigations into the finances of the Osun State Government have been ongoing since March 2026. They are looking into the alleged fraudulent use of Ecology Funds, Intervention Funds, and Federal Account Allocation Committee (FAAC) allocations totaling about N11 billion.

The commission stated that several state officials, including the Accountant-General, have already been interviewed as part of the probe.

The EFCC explained that it froze the account due to what it called "precipitate and unwarranted movement of funds" from the state’s accounts into several corporate entities considered suspicious since August 2026. This led them to impose a Post No Debit order to stop further transactions.

"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 said.

The agency emphasized that this action falls within its duty to protect public funds. They denied claims 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 defense of the sanctity of the funds of the state," it said.

The EFCC added that many other state governments are also under financial examination, stressing that its investigations are not limited to Osun.

Osun government disagrees

The EFCC's explanation came just hours after the Osun State Government criticized the account freeze. They called it unlawful and politically motivated.

Mr Adeleke previously alleged that the EFCC was planning to freeze the state’s accounts and those of senior officials before the governorship election. He argued that this action was meant to cripple government functions during the election period.

The state’s Attorney-General and Commissioner for Justice, Oluwole Jimi-Bada, questioned the legality of the freeze. He insisted that the EFCC does not have the constitutional power to freeze state government accounts without following proper legal procedures.

The government maintained there was no legal reason for the freeze and accused the EFCC of overstepping its authority.

Meanwhile, PREMIUM TIMES learned that the state government has begun transferring ₦20,000 to civil servants and corps members, calling it a "palliative."