The Economic and Financial Crimes Commission (EFCC) says it froze the bank account of the Osun state government over alleged fraudulent handling of N11 billion ecological and intervention funds.
In a statement on Wednesday, the anti-graft agency said it
has been investigating the Osun state government since March regarding the
alleged mishandling of the funds.
The agency said some officials of the state government,
including the accountant-general of the state, had been interviewed by EFCC
investigators.
The agency said amid the probe, it observed that huge
transfers of funds were being made from the account into different corporate
entities since August 2.
“These ongoing investigations of the state government would
not have warranted any placement of Post No Debit order on its account but for
the precipitate and unwarranted movement of funds from the accounts to
different suspicious accounts since August 2, 2026,” the statement reads.
“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 EFCC’s preventive mandate is a public-inclined
framework of safeguarding public funds, assets and resources.
“The Commission cannot watch idly while a state government’s
account is being pillaged.”
The anti-graft agency said it is aware of the forthcoming
Osun governorship election, adding that it is “uncharitable” to overlook the
huge transfers of funds over the “excuse of an upcoming election”.
“The Osun State government account was frozen to save public
funds from being looted,” the agency said.
THE ISSUE
In a letter dated August 5, 2026, and signed by Adenike
Babalola, assistant commander of the EFCC on behalf of the director of
investigation, the anti-graft agency directed First Bank not to allow
withdrawals from the Osun state government’s statutory allocation account as
part of an ongoing investigation.
The agency instructed the bank to place a post-no-debit
restriction on the account pending the conclusion of the probe.
Reacting to the development, Ademola Adeleke, Osun governor,
said the state government will not accept a situation in which federal
government agencies trample upon the rights of subnational governments.
Adeleke said the Osun government has been witnessing
numerous sponsored attacks, including the harassment of Accord party members
and the move to stall the operations of LGAs in the state.
Adeleke said he has directed the attorney-general of the
state to challenge the “illegality”.
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