The Economic and Financial Crimes Commission (EFCC) rejected claims that its restriction of the Osun State Government account was linked to the 2026 governorship election.
The commission said it took the action after investigators uncovered what it described as unusual transfers from state accounts to corporate entities during a probe into about ₦11bn in public funds.
EFCC Head of Media and Publicity, Dele Oyewale, said the commission began examining Osun State Government finances in March 2026, focusing on Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).
The agency said some state officials, including the Accountant-General, appeared before investigators during the inquiry.
EFCC Reveals Transfers That Led to Account Restriction
EFCC stated that the investigation alone did not lead to the account restriction. The commission said it acted after detecting rapid fund movements from the accounts from 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,” EFCC said.
The commission added that investigators found large transfers involving corporate accounts and blocked further transactions to prevent additional movement of funds.
“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 read.
EFCC also dismissed suggestions that the Osun election influenced its decision, saying its responsibility to protect state resources remained unchanged.
“While the Commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state,” the agency said.
The commission said it was also monitoring the finances of other states as part of wider investigations into alleged misuse of public resources.
The Osun State Government funds investigation is ongoing, and no court has established any wrongdoing.
