The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its decision to place a Post No Debit restriction on the account of the Osun State Government, saying the action was taken as a preventive measure to protect public funds amid an ongoing investigation into alleged financial irregularities.
In a statement released on Wednesday, August 5, 2026, the anti-graft agency said it had been investigating the finances of the Osun State Government since March 2026 over alleged fraudulent handling of funds linked to ecological projects, intervention programmes, and allocations from the Federation Account Allocation Committee (FAAC).
The EFCC alleged that the funds under investigation amounted to about ₦11 billion. According to the commission, some officials of the state government, including the Accountant General of Osun State, had appeared before investigators for questioning as part of the ongoing probe.
The commission stressed that the investigation did not initially require freezing the state government’s account, explaining that the decision was triggered by what it described as suspicious movement of funds from government accounts into various corporate accounts.
According to the EFCC, it detected what it considered “huge transfers” beginning from August 2, 2026, which raised concerns about possible diversion of public resources. The commission said it acted swiftly by restricting access to the accounts to prevent further movement of funds while investigations continue.
“The Commission cannot watch idly while a state government’s account is being pillaged,” the EFCC said, adding that its preventive powers are designed to safeguard government assets and protect public resources from possible misuse.
The development comes amid political activities surrounding the forthcoming Osun State governorship election, with the EFCC acknowledging public concerns over the timing of the action. However, the commission insisted that its decision was based on financial investigations and not political considerations.
The anti-corruption agency maintained that it remains independent and non-partisan, stating that it has a responsibility to act whenever there are concerns over the management of public funds, regardless of political events.
The EFCC also disclosed that Osun State is not the only state under its financial monitoring process, saying several other state governments are currently on its investigative radar as part of efforts to promote accountability and transparency in public administration.
The commission urged Nigerians to disregard what it described as false narratives and attempts to portray its actions negatively, insisting that its primary responsibility is to protect the collective interests of citizens.
The Osun State Government has yet to publicly respond to the latest statement from the EFCC. The outcome of the ongoing investigation will determine whether any officials will face further legal action or whether the allegations will be resolved.
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