EFCC Freezes Osun State Accounts Over Fund Diversion

The Economic and Financial Crimes Commission (EFCC) announced the freezing of the Osun State Government's bank accounts to prevent the alleged diversion of public funds, particularly in light of the upcoming governorship election on August 15. The EFCC has been investigating the state government since March 2026 for the alleged fraudulent handling of about N11bn in Ecology Funds, Intervention Funds, and allocations from the Federation Account Allocation Committee.

The commission noted that while the investigation alone would not have justified freezing the accounts, it detected suspicious fund movements beginning August 2, 2026. The EFCC stated that it observed significant transfers into various corporate entities, prompting the decision to freeze the accounts to protect public funds.

The commission emphasized its legal responsibility to act against suspicious transactions, regardless of the electoral context, and indicated that Osun State is not the only state under scrutiny, as it monitors the finances of several other states.